National Church Residences has added 206 apartments units to its Ohio portfolio with the acquisition of four senior housing developments.
The communities were purchased from Buckeye Management and are located in central and western Ohio.
Officials did not disclose the acquisition price but said National Church Residences assumed the existing loans on the properties.
“We are pleased to grow our presence in Ohio and welcome residents from all four communities into the National Church Residences family,” said Kelly Parnell, senior project leader of acquisitions. “Our well-established regional team members are experts in affordable senior housing operations and will bring resources that benefit our new seniors so they can remain living independently in their current homes.”
The communities were built in the 1980s using Section 202 affordable senior housing funds from the Department of Housing and Urban Development. Each community serves older adults 62 and older. With these recent acquisitions, National Church Residences has 70 affordable senior housing communities and 4,577 apartments spread across Ohio.
The nonprofit acquired the following communities:
• Stone Manor has 50 units in Beavercreek;• Homestead Village has 60 units in Van Wert;
• Somerset Lane has 46 units Somerset; and
• Salem House has 50 units in Maineville.
"We were happy to sell these properties to National Church Residences, as they are the industry leader in affordable senior housing," said Bill Moorhead, president of Buckeye Management. "The transition was fantastic, and we are confident that our residents will be in great hands."
All four communities offer the use of community rooms, an outdoor patio, a pet park, on-site laundry, secure entryways, off-street parking, along with elevators and 24/7 maintenance. Residents may choose from studio or one-bedroom apartments at each location.
Work is underway to make immediate repairs to preserve each affordable housing community so it can continue serving seniors into the future. Updates include enhancements in all Americans with Disabilities Act-compliant apartments and common areas plus sidewalk and parking lot improvements.
