The Grove Apartments
The Rose Affordable Housing Preservation Fund IV purchased The Grove Apartments, located in Ontario, CA, in November 2017. Built in 1981, the 101-unit, three-story apartment community sits on a 2.4-acre lot and includes a clubhouse, central laundry facilities, and off-street parking. The property is subsidized with a Section 8 HAP contract that covers 100% of the units and is designated elderly.
The Fund received a 15% increase on a new Section 8 HAP contract, effective December 2017, and plans a long-term hold for Grove Apartments. The capital budget for the property consists of minor items. In addition, the Fund partnered with Wakeland Housing and Development Corporation (non-profit GP) to benefit from annual property tax savings through California’s Welfare Exemption Property Tax Abatement program.
The Fund has developed a scope of energy efficient projects and entered the Low-Income Weatherization Program to receive incentives to offset the costs. The Fund will also seek Enterprise Green Communities Certification.
The Grove community enjoys visits from a local fitness trainer, nurse and pharmacist who provide education and services including fitness classes, a blood pressure clinic and shingles vaccination. A weekly craft class and other regular social events are held at the property.