Within months, residents in the 60-unit Nantucket Circle Apartments complex can expect to be shuffled out of their homes as a major... read more
Renewal Housing Associates Breaks Ground on Condo Development in Portland’s West End
Renewal Housing Associates has announced that it has broken ground on its West End condominium development. The project, called Onejoy, features 12 one-bedroom units that are priced to target middle-income Portland residents who make between 100 and 130 percent of the area’s median income level.
The units are designed to appeal to young professionals, first-time homebuyers, empty nesters, and second home buyers. Taking a cue from the small house movement, Onejoy condos range from 515 to 704 square feet, and are developed to maximize all livable space. Each unit has 10-foot ceilings and 8-foot-tall windows, creating light-filled, airy units that look and feel spacious. Prices start at $202,000.
“We decided to build Onejoy to address the single greatest need in Portland’s housing market: unsubsidized, affordable homeownership opportunities. And, we wanted to do so using an entirely market-driven approach — by delivering housing with the amenities and features our buyers value the most. Just last week, less than 30 days after breaking ground, we signed our eighth purchase and sale agreement, which really speaks to the overwhelming need for this type of housing in Portland,” said Todd Alexander, a Partner at RHA.
The project is located at 1 Joy Place, a private drive off Brackett Street in the heart of the West End neighborhood. Unit and property features include: central heating and air conditioning, hardwood flooring, Blomberg appliances, quartz countertops, washer/dryer hookups, private storage, shared green space, and a pet-friendly association.
The Onejoy project team includes: Archetype Architects, Benchmark, Domaine Real Estate, Gorham Savings Bank, and The Genesis Fund. The property will be managed by Gebhardt Property Management, which is based next door to the units.
Onejoy is scheduled to be ready for occupancy in February 2019. For more information, visit www.onejoyliving.com
ABOUT RENEWAL HOUSING ASSOCIATES LLC
Renewal Housing Associates LLC (RHA) is a mission-driven, multifamily housing development company based in Portland, Maine. RHA’s principle business is renovating and preserving affordable housing properties that require capital improvements and new long-term affordability restrictions. During the past five years, the company has invested more than $165MM to preserve 1,400 units of affordable rental housing in five states and the District of Columbia. This month, RHA closed on its largest transaction: a $43MM historic renovation of Fenway Manor, a 143-unit affordable senior apartment complex located on University Circle in Cleveland, Ohio. RHA also develops small, urban, for-sale housing projects serving middle income and first-time homebuyers.
The company is led by its two principals, David Lakari and Todd M. Alexander. David has been involved in housing development for more than 40 years and has focused on affordable housing preservation for the past 20 years. David founded RHA with Leon N. Weiner & Associates Inc. (LNWA) in 2001. Prior to RHA, David was executive director of the Maine State Housing Authority from 1994 to 1999 and served on the board of the National Council of State Housing Agencies. David holds a law degree from the University of Maine.
Todd has worked as a multifamily housing developer since 2003, during which time he has completed projects involving more than 3,350 units and $350MM in total investment. He has experience recapitalizing properties utilizing a wide variety of public and private sector sources of debt and equity. He is a former board president for Community Housing of Maine and the Downtown Portland Corporation. Todd received a master’s degree in urban planning from Cornell University and a bachelor’s degree from Colby College.
LNWA is a Delaware-based real estate development company founded in 1949. LNWA and its affiliates operate and manage more than 4,500 market rate, mixed-income and affordable housing units. The company’s hospitality division develops and operates hotels in the southeastern United States.
Onejoy is the second project that RHA’s principals have participated in to address Portland’s need for more affordable homeownership opportunities. The first project, West Port Lofts, was completed in partnership with Random Orbit. On that development, the team created 8 condominium units on the site of a former foreclosed house and vacant lot, located at 22 Tate Street in Portland’s West End neighborhood.
This had nothing to do with the original plan and construction having any faults whatsoever. But 30 years certainly can force even the... read more