Affordable housing developer and owner Vitus has expanded its Georgia portfolio with the acquisition of two properties.
The firm announced the planned preservation and renovation of the 100-unit Linwood Apartments in Gainesville and the 100-unit Westlake Apartments in Savannah. Both properties were purchased from Treetop Development.
The acquisitions increase Vitus’ footprint in Georgia to five properties.
The move also preserves the affordability of the properties for years to come. The Sec. 8 Housing Assistance Payment contracts have been renewed for 20 years, helping to renew two developments that have served as affordable housing for 45 years.
Vitus’ $5.6 million investment in Linwood and its $6.9 million investment in Westlake will cover numerous interior and exterior improvements.
The large-scale rehabilitation project at Westlake Apartments comes at an opportune time following damage from Hurricane Matthew in 2016 and will dramatically improve quality of life for the residents, said company officials.
In addition to the physical rehabilitation process, Vitus is working with the Savannah Tree Foundation to plant 70 trees throughout the property. This green initiative will enhance the natural environment of the property and reduce the threat of flood damage.
At Linwood Apartments, the firm will perform a major renovation of the apartments as well as add a community room and update a playground and other outdoor amenities.
