Alden Capital Partners announced that it is investing in the acquisition, rehabilitation, and construction of Crest Manor in Abington Township, Pa., just north of downtown Philadelphia.
Pennrose Properties and the Montgomery Housing Authority will substantially rehab 15 existing two-story duplexes, demolish seven buildings, and build three new multi-unit buildings at Crest Manor, which was built in 1962 and currently includes 40 public housing units.
Once completed in March 2018, the development will provide 34 renovated and 12 newly constructed units for low-income families and will create a new combined community and maintenance building, a computer room, a tot lot, and a playground. Renovations will include new carpeting, patios, balconies, Energy Star appliances, and energy-efficient heating and cooling systems.
The $17.6 million development was awarded federal low-income housing tax credits from the Pennsylvania Housing Finance Agency. Alden Capital Partners facilitated the investment of over $12 million in tax credit equity through its proprietary tax credit investment fund with JPMorgan.
“Our team is elated to partner with JPMorgan to bring quality, affordable housing to families in Pennsylvania that will be sustainable for decades to come,” said Dana Mayo, executive vice president at Alden Capital Partners, in a statement. “The fund will provide the means to rehabilitate 34 units of Crest Manor’s public housing units that were in critical need of repair and create 12 new units.”
Harkins Builders will serve as the general contractor on the project, and Pennrose Management Co. will be the property manager.