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Business / Finance
2023-11-07 17:25:00

Vitus to Preserve Trio of Affordable Housing Properties in Sacramento

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Benzinga
By Business Wire

Developer will rehabilitate 55 housing units in the Sacramento community

Vitus, a national developer and owner of affordable housing, announced the acquisition of River City Trio in Sacramento. River City Trio consists of three multifamily properties, totaling 55 units. In addition to renovating these properties, Vitus is preserving them as an affordable housing community for decades to come.

The acquisition of River City Trio is an exciting step forward in our expansion into California and creating affordable housing for low-income residents in Sacramento County, said Brooke Kim, director of development at Vitus. In addition to revitalizing these units, we hope to improve the quality of life for residents and make the Sacramento community stronger.

Vitus partnered with nonprofit the Foundation for Affordable Housing (FFAH) on the project and Merchants Capital financed it with a Freddie Mac Tax-Exemption Loan of approximately $8 million. The portfolio also utilized a bond issuance of multifamily housing revenue bonds from the Sacramento Housing and Redevelopment Agency (SHRA). Construction work will be completed by MFRG Icon with architectural services provided by True Craft Architecture. Upon completion of construction, the properties will be jointly managed by Aperto Property Management.

#trio#housingproperties#development#foundation#portfolio

Continue read on benzinga.com

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