PORTLAND, OR—Home Forward says it will sell its St. Johns Woods apartment complex in North Portland to Vitus Group, a Seattle-based affordable housing provider with apartment communities in 14 states. Home Forward, the new name for the Housing Authority of Portland, is Oregon’s largest affordable housing provider, with nearly 6,500 units of affordable housing in Multnomah County.
At their meeting on January 15, Home Forward’s Board of Commissioners authorized selling St. Johns Woods for a price expected to be $8.25 million.
“We are pleased to pass the stewardship for this community resource to such a fine affordable housing organization,” said Harriet Cormack, Home Forward’s board chair, “This is excellent news for the long-term health of St. Johns Woods, as we have been challenged to meet all of the property’s capital needs given our financing.”
“The renovation scope of work will be prepared once the Contract for Purchase has been executed and the due diligence phase is underway. Vitus’ approach with the properties that they acquire and renovate is to address needed building system improvements, increase energy efficiency, renovation and maximization of the community and common areas and modernization of the interior units” said Sara Fay, Director of Vitus Group in Seattle.
Home Forward will use the net proceeds from the sale for real estate-related purposes, including investing in new affordable housing and renovations to its remaining properties.
Vitus Group, headquartered in Seattle, Washington, is a developer of smart affordable housing with a focus on community revitalization.