Rosewood Apartments
2011Year Acquired |
86Total Units |
Rural Redevelopment in Pennsylvania
Located directly off I-80 in Berwick, Pennsylvania, the Rosewood Apartments were acquired by General Capital in 2011. General Capital received an allocation of 9% affordable housing tax credits and a Home Loan from the Pennsylvania Housing Finance Agency to fully renovate the community and stabilize the USDA Rural Development Section 515 asset for the long term.
General Capital completed an extensive rehabilitation of the 86-unit development which brought new life to the property and preserved a very important affordable housing resource in Columbia County for seniors. The rehabilitation included meeting PHFA’s Green Building Criteria which enhanced sustainability measures to improve the lives of residents and the surrounding community.
The Rosewood Apartments offer a community center with a full kitchen, a gazebo with a gas grill, picnic areas, a shuffle board court, 24-hour emergency nurse call and free emergency pendant. The property has beautiful and well maintained mature landscaping with large amounts of green space. The site is staffed with on-site management, a service coordinator and 24-hour maintenance. The renovated apartments are within walking distance to a shopping center, banks, and restaurants. A very lively group of seniors thrive at the complex and participate in numerous activities including game nights, bingo picnics and an annual holiday party.
KEY THEMES
- Affordable housing preservation strategy revitalized an aging rural senior community while protecting an important long-term housing resource
- Comprehensive rehabilitation modernized the 86-unit property while maintaining affordability through the USDA Rural Development Section 515 program
- Layered financing combined 9% affordable housing tax credits with Pennsylvania Housing Finance Agency resources to support extensive redevelopment
- Sustainable improvements incorporated PHFA Green Building Criteria to enhance energy efficiency, resident comfort, and long-term property performance
- Resident-focused amenities, supportive services, and community programming promote active, independent senior living and social connection
RESULTS
- Acquired and comprehensively rehabilitated an 86-unit affordable senior housing community following General Capital's 2011 acquisition
- Preserved a critical USDA Rural Development Section 515 housing resource serving seniors in Columbia County
- Secured 9% affordable housing tax credits and PHFA financing to stabilize the community for long-term affordable use
- Completed extensive property improvements meeting PHFA Green Building Criteria and enhancing sustainability throughout the development
- Strengthened resident quality of life through on-site management, service coordination, 24-hour maintenance, emergency support, and community amenities
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