Vitus has completed substantial renovations across a portfolio of seven properties with 560 units in six cities across North Carolina.
In addition to revitalizing the properties, the firm is preserving them as affordable housing for decades to come.
With the conclusion of construction, Vitus has reached a major milestone, having renovated more than 100 existing affordable housing properties nationwide, including 10 in North Carolina.
“The development of the Thetford portfolio was a challenge, with seven properties concurrently undergoing extensive renovations. We owe our success to our collaboration with strong partners. Our construction team, especially, helped us quickly tackle any issues that came up along the way,” said Brooke Kim, director of development at Vitus. “Across the portfolio, we revitalized these buildings, which we hope will improve the quality of living for residents, make North Carolina communities stronger, and extend the useful life of these buildings for many years to come.”
Approximately $55,000 in rehab work was done. All units received kitchen and bathroom remodels, new flooring, efficient LED lighting upgrades, Energy Star appliances, and energy-efficient HVAC systems. The building exteriors also saw improvements, including new roofing, siding, and energy-efficient windows along with sidewalk and asphalt repairs. Additionally, some properties were enhanced with amenities such as playgrounds or new laundry facilities.
Vitus purchased the Thetford portfolio in May 2021 through a low-income housing tax credit (LIHTC) acquisition. All 560 units will be preserved for residents earning no more than 60% of the area median income for the next 30 years through the LIHTC program administered by the North Carolina Housing Finance Agency. According to Vitus, 508 units have Section 8 Housing Assistance Payment contracts, which were extended for 20 years.
Nonprofit Affordable Housing Institute assisted Vitus with the development and ongoing coordination of local organizations and governmental bodies. It is a co-owner and a general partner in the deal. The construction work was completed by Empire Corporation of Tennessee, with architectural services provided by Ross Deckard Architecture and True Craft Architecture.
“The Thetford portfolio will help safeguard housing options in an area that is becoming increasingly expensive for low-income residents,” said Affordable Housing Institute president Bryan Hartnett. “Ensuring that existing affordable housing stays affordable and provides high-quality homes for families and seniors is essential.”
These projects were financed with a combination of Section 221(d)(4) mortgage loans serviced by Merchants Capital Corp. and LIHTC equity provided by TenSixFive Capital. The projects also utilized a pooled bond issuance of multifamily housing revenue bonds from the Burlington Housing Authority. The properties are managed by Multifamily Select.