From The Gazette:
CEDAR RAPIDS — Two Cedar Rapids multi-unit buildings, Geneva Tower and Hawthorne Hills, have been sold to a Denver-based development company, the Affordable Housing Network said Tuesday.
Geneva Tower, whose apartments at 310 Fifth Ave. SE are rented to mostly low-income seniors and adults with disabilities, and Hawthorne Hills, an income-based housing facility at 2283 C St. SW, were sold to Edgemark Communities, the affordable housing division of Edgemark Development, the network said in a news release.
Financial terms of the sale, finalized Dec. 2, were not released.
“Edgemark Communities has extensive experience acquiring, improving and managing affordable housing properties throughout the Midwest, Southwest and Rocky Mountain region,” the release said.
“AHNI has been evaluating our current portfolio of properties to ensure each one is aligned with our mission — to provide safe and sustainable housing that promotes stability for families and individuals, while also creating community,” Mary Beth O’Neill, president and CEO of Four Oaks Family and Children’s Services and AHNI, its 501(c)3 affiliate, said in the release.
“AHNI vetted a number of potential buyers and chose Edgemark based on the depth and breadth of experience. We are confident that there will not be any gaps in services for the tenants,” O’Neill said.
Edgemark Development, founded 22 years ago, counts shopping centers, self-storage facilities, senior housing, retail and medical office buildings among its properties. Edgemark Communities is its affordable housing division.
Edgemark renewed the property’s Housing Assistance Payments contract for 20 years, the release said.
Four Oaks and AHNI’s human resources department has worked to retain all staff during this transition,“ according to the release.