Affordable Housing Network, Inc. (AHNI) has announced the sale of two of its Cedar Rapids multi-unit properties, Hawthorne Hills and Geneva Tower, to Edgemark Communities, the affordable housing division of Edgemark Development LLC, based in Denver.
The sale was finalized Dec. 2. The purchase price and other terms of the sale were not disclosed.
Edgemark Communities has extensive experience acquiring, improving, and managing affordable housing properties throughout the Midwest, Southwest, and Rocky Mountain regions, according to an ANHI news release.
Both Hawthorne Hills, at 2283 C St. SW, and Geneva Tower, 310 Fifth Ave. SE, receive subsidies from the Department of Housing and Urban Development (HUD), and Edgemark has renewed the Housing Assistance Payments Contract for both properties for 20 years.
Mary Beth O’Neill, president and CEO of Four Oaks Family and Children’s Services and AHNI, said the sales followed extensive organizational strategic planning.
“AHNI has been evaluating our current portfolio of properties to ensure each one is aligned with our mission: to provide safe and sustainable housing that promotes stability for families and individuals, while also creating community,” Ms. O’Neill said.
AHNI is an affiliate of Four Oaks, a nonprofit agency whose mission is to assure children become successful adults. Services are focused on and rooted in the family, and Four Oaks’ philosophy is to positively impact communities by empowering children and families to achieve stability and self-sufficiency.
“This focus means AHNI and Four Oaks are prioritizing affordable housing opportunities that best serve children, families and community development – single-family homes, multi-family properties with a limited number of units, and a reduction in housing density overall,” Ms. O’Neill added. “AHNI has successfully been achieving that objective in Wellington Heights since 2012.”
Geneva Tower, built in 1971, is an income-based, 12-story property offering 183 efficiency and one-bedroom apartments to seniors age 62 and older and adults with disabilities. Hawthorne Hills, also income-based, was built in 1969 and has a total of 204 efficiency, one-, two- and three-bedroom units in several two-story buildings. The complex was extensively remodeled in 2010 and 2011.
“AHNI vetted a number of potential buyers and chose Edgemark based on the depth and breadth of experience,” Ms. O’Neill added. “We are confident that there will not be any gaps in services for the tenants.”
The Four Oaks/AHNI human resources department has worked to retain all staff during this transition.
ANHI retains a number of other multi-unit properties in Cedar Rapids, including the Cedar Valley Townhomes at 3000 J St. SW, William B. Quarton Place at 85 Harbet Ave. SW and Agin Court Apartments at Agin Court NE.