Plymouth Square Village
The Rose Affordable Housing Preservation Fund IV purchased Plymouth Square Village in April 2017. The 280-unit Senior Section 8 property is located in Detroit, MI, and consists of a 14-story high-rise building, nine two-story townhomes, and a one-story laundry building located on a 9.3-acre lot. The Fund secured this purchase off-market as part of the Forest City Portfolio acquisition.
The Fund secured a 30% rent increase in 2019. The property is managing a first-floor renovation, upgrade of all corridors to enhance the resident experience and greening improvements. The Fund is also pursuing PILOT to reduce real estate taxes. The Fund plans a long-term hold of Plymouth Square Village.
Green improvements at the property include low-flow toilets and fixtures, LED lighting upgrades, CO2 detectors and mechanical adjustments. Plymouth Square has successfully provided enhanced health and wellness services on-site as well as increased programming and services provided by community partners in the areas of hunger elimination, safety programming, stress reduction, education and youth development. The property receives a grant from HUD to fund a full-time Resident Service Coordinator.