Nationwide Church Residences has acquired an reasonably priced senior housing highrise in Atlanta, increasing its portfolio within the metro space.
On Thursday the group introduced it had acquired from the Episcopal Cathedral of St. Philip a 99-year floor lease curiosity on a group previously referred to as Cathedral Towers. The 14-story residence constructing was inbuilt 1979 and has 195 items.
Following the acquisition, Nationwide Church Residences plans to start “modest enhancements,” together with accessibility enhancements for older adults with disabilities and sidewalk and parking zone enhancements.
The acquisition expands Nationwide Church Residences’ reasonably priced senior housing portfolio to 17 communities within the Atlanta metro space, making it the second largest-affordable senior housing proprietor within the metropolis.
“We need to convey our experience to proceed the custom of care that the group has loved and the expertise to carry out future renovations that the group would require,” Daniel Patrick, Nationwide Church Residences senior director of acquisitions, advised Senior Housing Information.
Patrick added the acquisition additionally matches into the nonprofit’s total development technique of increasing its reasonably priced housing footprint throughout the nation.
“The acquisition of Parish Grove is a part of Nationwide Church Residences’ rising presence in Atlanta,” Susan DiMickele, president and CEO of Nationwide Church Residences stated in a press launch.
Nationwide Church Residences is within the technique of additionally rising in Texas, Florida, Ohio, North Carolina, Georgia and Michigan as nicely.