North Bay Business Journal
September 27th, 2010 03:09am
EAH Takes Over Management of Cloverdale Senior Apartments
By Jenna V. Loceff, Business Journal Staff Reporter
CLOVERDALE – EAH Housing has joined with King’s Valley Senior Apartments, an affordable senior community in Cloverdale.
EAH has taken over as the property manager and will sit on the board to work with the tenants to help make decisions regarding repairs and ongoing maintenance of the 98-unit development.
“We are honored to be undertaking the stewardship of Kings Valley,” said Dianna Ingle, the vice president of real estate management at EAH. “EAH has the resources and stability to maintain this valued senior community into perpetuity, providing the seniors of Cloverdale with an affordable place to call home.”
Laurie Share, the deputy director of real estate development, said likely there will be a refinancing to make the appropriate updates to the property. “This will create construction jobs locally,” she said.
EAH Housing recently entered a similar agreement with Shelter Hill in Mill Valley. The construction there will commence in 2011, according to Ms. Share. In Napa, EAH manages the Rohlffs Manor, another senior living development. EAH also built Stonebridge from the ground up using Bay Area architects and contractors.
Based in San Rafael, EAH was founded in 1968 to try to address the needs of low-income families and elders in Marin County.
The founders of EAH “hoped to bring about social change through creation of housing opportunities that would be available to people regardless of their income or ethnic background,” according to EAH.
One area EAH specializes in is the use of affordable and low-income tax credits and leveraging them to make upgrades to the properties it manages.
A celebration was held Sept. 20 at King’s Valley to acknowledge the new partnership and to introduce residents to EAH Housing staff. King’s Valley Senior Apartments reached out to EAH Housing in early 2010 to provide professional property management services. EAH is taking over both property management and project rehabilitation for King’s Valley. The property was developed in 1973.
“Aging properties such as King’s Valley have been in jeopardy of losing their affordability. Through joining forces, King’s Valley and EAH can ensure an affordable future for the community,” said EAH.
Tags Cloverdale, EAH Housing, Sonoma County | Category Health Care and Senior Living, Industry News, Residential Real Estate
[Read the original article on the web here.]