Ashley Park Apartments
Acquisition/Rehabs, Kansas City, Missouri
Ashley Park Apartments marked Renaissance Property Group’s foray into the repositioning arena. The 183-unit complex had been developed as a project-based Section 8 property in the early 1980s, but by 2005, a series of management decisions had weakened the asset to the point of collapse. Occupancy was low, the site staff was demoralized and the mortgage was in default.
It was against this backdrop that leadership of the Missouri Housing Development Commission let RPG know that it would support an acquisition/rehab that would restore the complex as safe, decent, affordable housing. A 4% LIHTC, tax exempt bond and HOME financing was closed in February 2006, and a year later, the property had been transformed.
While the continued decline of the surrounding neighborhood, among other factors, challenged RPG’s original repositioning thesis, its partnership with Alliant Capital actually strengthened as a result.