Tredway and LIHC Investment Group announced the acquisition of Forest Hill House, a 100-unit senior-occupied apartment complex in Newark, N.J. The joint venture will immediately begin redeveloping the property to enhance energy efficiency by investing upwards of $20 million in improvements and upgrades.
As a result of the acquisition, the affordability agreement governing the property will be extended for 30 more years, at an income limit of 60 percent of area median income.
“We are excited to embark on this ambitious redevelopment, which will protect and improve homes at Forest Hill House for lower-income seniors, while keeping affordability intact,” said Will Blodgett, CEO and founder at Tredway. “Not only does this project allow for the preservation of an important source of affordable housing for the City of Newark, it also provides an opportunity for seniors to live their lives and age independently in a home they can be proud of.”
The rehabilitatio
