By Tom Demeropolis, Cincinnati Business Courier
The Model Group has donated more than 1,100 apartments in Ohio and Kentucky to a national nonprofit organization.
Model Group donated 20 properties with a total of more than 1,000 units to Preservation of Affordable Housing, a Boston-based nonprofit that preserves, creates and sustains affordable housing. The properties, which are located in neighborhoods such as Over-the-Rhine, Walnut Hills, Lower Price Hill, Evanston and Covington, were part of Model Group’s family affordable housing portfolio.
In addition, Model Group sold Brickstone Properties, its affordable housing property management company, to POAH Communities, which is POAH’s property management affiliate. About 55 Brickstone Properties employees are now part of POAH Communities. Terms of the acquisition were not disclosed.
Bobby Maly, chief operating officer for Model Group, said the Over-the-Rhine-based real estate company was looking to see who around the country was doing well combining affordable property management and adding a service component for residents. After talking to others about who does this best in the country, they kept being referred to POAH.
“If (CEO) Steve (Smith) and I spent the next 10 years to get up to the level of quality they are now, we probably couldn’t do it,” Maly told me.
Model Group already partnered with nonprofit partners in its senior housing, permanent supportive housing and Scholar House development. The family affordable housing portfolio was the only type of affordable housing that didn’t have a nonprofit partner to provide integrated property management and service.
“We were focused on property management, they’re focused on helping people get out of poverty,” Maly said.
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