The NHP Foundation (NHPF) has acquired a 106-unit senior housing community in Danville, Virginia.
The historic Danville House was purchased for $13.7 million from HallKeen Management and marks NHPF’s fourth venture in the state.
The purchase of the Section 8 property was funded by assuming an existing Federal Housing Administration Section 223(f) loan and utilizing $8.1 million in corporate bond proceeds from NHPF as an equity contribution.
The property consists of two historic buildings—a 10-story Neo-Adamesque structure originally constructed as Hotel Danville in 1926 and a three-story former city market building dating back to 1890. Both buildings have been adapted for senior housing and are listed on the National Register of Historic Places.
“This acquisition, expanding our footprint in Virginia, aligns with NHPF’s mission to provide affordable housing options that benefit communities and support long-term economic and social stability, specifically for vulnerable seniors in the case of Danville House” said NHPF lead developer Polina Bakhteiarov. “NHPF plans significant renovations to improve the quality of life for our residents while maintaining the historical integrity of the structure.”
The upcoming rehabilitation will include the installation of new interior finishes and flooring; upgrades to kitchens and bathrooms, including new appliances, cabinets, and plumbing fixtures; replacement of HVAC systems, water heaters, and electrical panels; repair of historic wood windows and replacement of vinyl windows; replacement of the roof and necessary structural updates; enhancements for accessibility compliance; and sustainability upgrades aimed at achieving a 30% increase over existing performance based on the Home Energy Rating System index.
Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other nonprofit organizations, NHPF has 60 properties in 16 states and the District of Columbia.
