Brings to over 1,000 the number of affordable apartments acquired in Ohio since 2018
Preservation of Affordable Housing (POAH), a national nonprofit owner and developer with more than 11,000 rental apartments in 11 states and the District of Columbia, today closed on financing for Walnut Grove Apartments, a 176-unit family development in Blacklick (Columbus), Ohio. POAH purchased the property from National Church Residences, the nation’s largest not-for-profit provider of affordable senior housing and services, which is sharpening its focus on senior housing and services.
Walnut Grove Apartments consists of 50 one- and two-story single-family homes and 17 townhouse buildings containing 126 units. The development contains 64 two-bedroom, 62 three-bedroom and 50 four-bedroom units. The buildings were originally constructed in 2003. Amenities for the property include two playgrounds and a community building that contains the management offices as well as a laundry and community room. Additionally, each single-family home has a single car garage.
The Walnut Grove property consists of 10.5 acres on a 15 + acre campus shared by two other senior communities owned by National Church Residences - Chestnut Grove and Chestnut House.
“When we searched for a good neighbor to acquire Walnut Grove, POAH was a natural partner, as our organizations have been longtime colleagues and we share the same deep commitment to ensuring service enriched housing for all of our residents,” said Michelle Norris, Executive Vice President of External Affairs and Growth Strategies at National Church Residences.
Blacklick is a small unincorporated community on the northeastern portion of the Columbus metropolitan area, a growing area in the state.
Many Walnut Grove residents receive subsidies from HUD’s HAP (Housing Assistance Payments) program administered by Columbus Metropolitan Housing Authority (CMHA). The HAP contract for Walnut Grove was renewed in 2013 for 15 years.
POAH’s management company, POAH Communities, plans to implement a community impact program at the property which assists residents to succeed in six areas: housing, education, health, community engagement, employment and financial stability.
Last year POAH acquired more than 900 affordable rental apartments in Cincinnati and Covington, Kentucky, at a time when that area is experiencing an economic renaissance that could have threatened the affordability of many affordable units.
“POAH is very pleased to expand our presence in Ohio with this acquisition in Columbus and we are honored that our non-profit partner, National Church Residences, has entrusted us with the long-term stewardship of this property,” said Cory Mian, POAH Senior Vice President, Real Estate Development. “Additionally, the support of the Ohio Housing Finance Agency, City of Columbus and National Affordable Housing Trust has been instrumental in such a successful transaction.”
Property Photo attached