Current Size: 100%
WNC to Acquire and Renovate Plaza Townhomes
Home Forward has entered into an agreement to sell Plaza Townhomes to Community Preservation Partners LLC, a subsidiary of WNC, a national investor in real estate and community development initiatives. Community Preservation Partners will begin renovations at the community upon acquisition and is expected to complete more than $3 million in upgrades to the property.
Current residents will not have to move, nor will they see rent increases as a result of the ownership change. The new owners will keep all social service programs intact, including homework programs and the computer lab.
"This is the best outcome possible for residents, the Plaza, and the community," said Michael Buonocore, Home Forward's executive director. "WNC is a highly reputable and respected affordable housing owner. They will preserve the Plaza's deep affordability while making significant physical improvements and continuing support programs for residents. At the same time, we will use the sale proceeds to add new affordable housing and address unmet capital needs that threaten the future of our existing affordable housing."
Buonocore said that given the magnitude of the agency's current 85 Stories renovation project , Home Forward could not have made the much needed renovations at the Plaza in the same timeframe.
The sale is expected to close in May 2016.
Click here to read or download WNC's release.
September 17, 2015