The Dalles, OR (PRWEB) July 09, 2013
The residents at Sunrise Estates Apartments in The Dalles, OR and city officials have reason to celebrate! Guardian Real Estate Services, in partnership with the US Department of Agriculture Rural Development Agency (USDA-RD) and Oregon Housing and Community Services (OHCS), recently completed a $12.1 million dollar rehab and new construction project that is home to more than 80 families in The Dalles, Oregon.
The celebration will take place Thursday, July 11th starting with a dedication program at 11:00am. Lunch and self-guided tours of the property will follow. Program speakers currently include:
Vicki Walker, State Director, USDA- Rural Development, Oregon
Heather Pate, Oregon Housing and Community Services
Thomas B. Brenneke, President, Guardian Real Estate Services
Lynnette DeMoss, Resident, Sunrise Estates Apartments
Sunrise Estates was constructed in 1977 by Ray and Gloria Schultens, long-time business and civic leaders in The Dalles. Guardian Real Estate Services purchased the property and an adjacent parcel in 2011/12, recognizing a recapitalization was needed for the property to remain a viable housing resource. The construction of 20 additional apartments and a community room on the adjacent parcel responded to the undersupply of affordable housing in the area.
60 apartment homes were renovated with upgrades including: window and door replacement, siding replacement, new energy efficient appliances, new kitchen cabinets & countertops, new fixtures, new flooring, new roofing and upgrades for ADA compliance. The USDA-RD provides rental assistance to 47 of these apartments to serve very low-income households who pay 30% of their income for rent.
The addition of 20 new apartment homes were constructed as well as a new community room, new playground, garden beds, laundry facilities and an on site management office.
The project received allocations of funding from Oregon Housing and Community Services. These include an allocation of $3.5 million in Oregon Affordable Housing Tax Credits (OAHTC) and $8.7 million in federal Low Income Housing Tax Credits (LIHTC). Together with loans of $3.5 million from a First Republic Bank and assumption of the existing loan from the US Department of Agriculture Rural Development Agency, these allocations provided all resources necessary to complete the project.
Project partners include: Guardian Real Estate Services, First Republic Bank, WNC, Oregon Housing and Community Services, USDA-Rural Development, LMC Construction and Myhre Group Architects.
About Guardian Real Estate Services
Founded in 1971 with headquarters in Portland, Oregon and Seattle, Washington, Guardian Real Estate Services LLC is a privately held, vertically-integrated, real estate management, investment and development firm. Guardian's diverse real estate experience offers property owners and investors a valuable combination of market expertise and services. With over 1,000 employees in eight states, Guardian's management portfolio consists of more than 16,500 multifamily units in 260 properties. The company owns approximately 25 percent of its portfolio.