TOLEDO, OH - NHP Foundation-Urban Atlantic Fund I, LLC and PNC Real Estate announce the acquisition of Alpha Towers, a 165-unit senior apartment community located in Toledo, Ohio. The 9-story, mid-rise building, situated on 3 acres in downtown Toledo will provide affordable housing for low- to moderate-income seniors. This is the fifth acquisition by the Fund.
Launched in June 2012, the $50 million equity Fund, created to address the growing shortage of American affordable housing, brought together three national leaders in the development of affordable real estate: PNC Real Estate, Urban Atlantic, and The NHP Foundation. The Fund's mission is to identify and preserve affordable housing developments that are both sound investments and important components of the social fabric in their broader communities.
In 2013, the Fund acquired four properties in Maryland. The acquisition includes Bolton North, located in Baltimore's historic Bolton Hill neighborhood, and three Prince George County properties: Holly Spring Meadows, in Forestville; Capital Courts and the Woods at Addison in Capital Heights.
These properties total nearly 860 units and create the potential for over 2,200 individuals the opportunity to experience quality, safe, and affordable housing in these urban and suburban settings. In addition, a large portion of residents who call these properties home will now have access to a comprehensive array of programs and services designed to enhance their quality of life.
Each of the four properties enjoys distinctive features. In Baltimore, Bolton North is a 209-unit senior housing high-rise located in the vicinity of the Inner Harbor. It is in a neighborhood known for its tranquil, tree-lined streets populated by an outstanding collection of restored mid- to late-19th-century townhouses, urban mansions, churches, and public buildings. In Prince George's County, Holly Springs Meadows, Capital Courts, and The Woods at Addison are garden style communities that enjoy excellent amenities with close proximity to Metro Bus and Rail service.
Though the three Fund partners each have separate and unique histories, their respective goals and business models intersect to meet the needs of the communities in which they have invested.