Omni America, a New York–based affordable housing developer, has plans to acquire 150 federally-subsidized rental units in Hartford, Conn., from a pair of affordable housing developers, according to Hartford Courant.
The company is planning to close the acquisition in October and invest $10 million in the assets, known as the Clay Arsenal Renaissance Apartments. The 24 buildings comprise 54 three-bedroom apartments and 28 four- and five-bedroom units.
Atlanta housing developers Gregory Jones and Anthony Guarraci renovated and reopened the previously unlivable, Section 8 properties in Clay Arsenal. Omni America will take up the duo’s renovation efforts, with a goal of making repairs to units within two years and beginning construction on a 2,100-square-foot management building within three years.
Omni America has owned and developed more than 17,000 units of affordable housing and managed properties in 11 states.
