The Rose Affordable Housing Preservation Fund IV purchased Ziegler Place in April 2017. The 141-unit Senior Section 8 property is in a stable, lower-middle-class suburb northwest of Livonia, MI, and consists of a high-rise tower and parking on a four-acre lot. The Fund secured this purchase off-market as part of the Forest City Portfolio acquisition.
The Fund negotiated a new HAP contract for Ziegler Place at closing, which increased rental revenue by 37% during 2017. The Fund has invested in an elevator modernization and anticipates a long-term hold of the property.
The Fund is implementing green improvements to achieve Enterprise Green Communities Certification. Improvements include low-flow toilets and fixtures, LED lighting upgrades, CO2 detectors and mechanical adjustments. This work will be paid a portion from replacement reserves and then operations.
The Fund provides a Communities of Opportunity program including a garden area, bike rack, resident social events and local transportation.