Life Skills Apartments/Fillmore Place was an acq/rehab conceived as a “special needs” project—and the identity stuck. Mr. Miller had long been aware of the 48 Life Skills apartments occupied by developmentally-disabled residents, as he formerly resided a few blocks from them. He recognized that Life Skills, supported by a project-based HAP contract, would be a strong contender for LIHTC financing under MHDC’s Special Needs Housing...
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Before After Festus Gardens, a 160-unit rental-assisted community in suburban St. Louis, was developed in the early 1980s as a tax shelter for a group of approximately 20 St. Louis attorneys. By 2003, the property was deteriorating and the ownership group wished to sell, but required a structure that would address certain exit tax liabilities the partners would face. Through careful tax planning involving an...
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Before After 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...
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House Springs Apartments was conceived as a “special needs” project involving Rural Development subsidies in which Renaissance Property Group had a long-standing interest but no prior experience. After nearly two years of work, the project financing closed without any RD involvement or ”special needs” overlay. House Springs Apartments, a 48 unit senior complex originally developed with a 515 RD loan (prepaid in 2008), was bundled...
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Tanglewood Apartments is a 199-unit property originally built in the 1970s as a conventional multifamily complex. The premise underlying Renaissance Property Group’s acquisition and rehabilitation of the property in 2005-2006 was that its physical needs could best be addressed with LIHTC equity, because it had already become de facto affordable housing, as evidenced by the incomes of most residents. The financing closed in October 2005,...
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