DAYTON, OHIO (December 17, 2024) – Today, St. Mary Development Corporation announced they are partnering with Related Affordable, one of the largest affordable housing owners and operators in the United States, to preserve and rehabilitate five affordable housing apartment communities in Montgomery County, Ohio. The communities include Northcrest Gardens (Eagle Ridge), Albright Apartments, Pinewood Gardens, Asbury Apartments, and Mad River Manor. The properties represent a total of 567 affordable housing units in Dayton, Riverside, and Trotwood. All five buildings were constructed in the 1970s and need renovations to ensure they continue to meet the needs of the seniors, families and residents within the community.

The total scope of the five-property renovation will exceed $48 million, with an average rehab cost of more than $84,000 per unit. Some of the more significant building and community work will include: roof replacement, brick repair, HVAC system modernization, elevator modernization, window replacement, parking lot repairs and upgrades to common areas and amenities. The in-unit work will include new lighting, flooring, painting, kitchen and bathroom cabinets and counters, and new kitchen appliances.

“We often talk about the need to create new affordable housing, but the need is just as great to preserve our existing affordable housing,” says Denise Blake, Vice President of Real Estate Development at St. Mary Development. “We’ve seen affordable apartments close because of their poor condition and lack of resources to rehab them. We can’t allow that to happen in our community. We’re blessed to have Related Affordable as a partner because they have the capital to purchase large property portfolios and invite local partners to assist with the rehab process. The greater Dayton area doesn’t have investors with the expertise, funding, and appetite to tackle these difficult preservation projects.”

Related Affordable routinely works with local partners on preservation work as they bring valuable community knowledge, relationships and services that are critical to long-term success. For example, St. Mary Development not only develops affordable housing, but directly connects residents to programs and services that allow them to live independently.

“We are proud to continue our partnership with St. Mary Development Corporation and expand our work in Montgomery County,” says David Pearson, Executive Vice President of Related Affordable. “Local partners who understand the area and the complexity of projects like this make a huge difference in the success of residential communities. Related has over five decades of experience developing and preserving affordable housing across the country and we look forward to doing our best to provide quality homes and services for residents.”

The five affordable housing communities that are home to a wide range of residents include:

• Northcrest Gardens (Dayton, OH) – 182-unit family property originally built in 1971
• Albright Apartments (Trotwood, OH) – 112-unit family property originally built in 1973
• Pinewood Gardens (Trotwood, OH) – 80-unit family property originally built in 1973
• Asbury Apartments (Dayton, OH) – 119-unit senior property originally built in 1971
• Mad River Manor (Riverside, OH) – 74-unit senior property originally built in 1979

The combination of affordable housing and service coordination works. In a 2023 survey, 84% of St. Mary’s residents said their quality of life was “very good” or “somewhat good.” This compares to a Gallup survey that showed only 39% of the US population with incomes under $40,000 are “very satisfied with their lives.” St. Mary’s average annual resident income is only $14,000. Funding is already available for St. Mary to provide service coordination at the Asbury Apartments and Mad River Manor, and the organization plans to look for additional funding sources to add service coordination to the other three apartment communities.

St. Mary first worked with Related Affordable to rehab the Biltmore Towers, a 230-unit senior apartment community in downtown Dayton. St. Mary staff were so impressed with Related’s expertise and care for residents that they told Related they were interested in rehabbing other properties. When Related purchased a portfolio that included the five Dayton-area properties, they contacted St. Mary to help.

Affordable housing isn’t only important to the families who live in those apartments; it’s also essential to other aspects of local communities. For example, a significant amount of state school funding is based on the number of enrolled students. When affordable housing properties close, families often must move away to find new housing. The two Trotwood apartment communities being rehabbed have more than 260 children under the age of 18. Rehabbing the properties ensures those families have a safe, decent place to live for the foreseeable future and ensures continued funding for the school district.

Affordable senior properties with service coordination, such as Asbury Apartments and Mad River Manor, help reduce the strain on emergency services. St. Mary Service Coordinators review 911 call reports each month to determine if there are residents who are struggling. They then reach out to those residents and connect them to appropriate services, reducing future 911 calls. Service coordination also helps prevent evictions and improves resident health.

“It takes partners working together to rehab this many properties and housing units,” says Blake. “We’re excited about continuing to work with Related Affordable to preserve the homes of so many local families and older people.”

The five rehab projects are expected to begin construction in early 2025 and be substantially completed by the end of 2025.

About St. Mary Development

St. Mary Development improves the quality of life of older people, families, and veterans with low incomes by removing negative social determinants of health so they can live healthier, more independent lives. Using housing as the foundation to improve quality of life, St. Mary develops affordable apartment communities with professional Service Coordinators and Community Health Workers who connect residents to the things they need to remain independent—transportation, healthcare, food, mental health services, and job training, among others. They also use technology solutions and resident data analysis to improve quality of life. What makes St. Mary different is their deep knowledge of resident needs. Last year, St. Mary Service Coordinators had more than 10,000 one-on-one meetings with residents in addition to conducting annual surveys. This deep knowledge drives their decision-making processes, improving quality of life, while reducing the cost to help people in need. For more information visit https://www.stmarydevelopment.org

About Related Affordable

Related Affordable is the division of Related Companies that develops, acquires and preserves affordable housing throughout the nation. Affordable housing laid the foundation of Related Companies, and its broad portfolio of award-winning affordable and mixed-income developments demonstrate the company’s continuing ability to create affordable housing opportunities in a variety of geographically, economically, and socially diverse neighborhoods. Related owns and operates a portfolio of more than 63,000 affordable and workforce housing units that extend across 28 states and the District of Columbia. For more information visit https://www.related.com/residential/affordable-housing