The developer will rehabilitate 55 residential units in the Sacramento community
Vitus, a national affordable housing developer and owner, announced the acquisition of River City Trio of Sacramento. The River City Trio consists of three apartment buildings with a total of 55 units. In addition to the refurbishment of these properties, Vitus is preserving them as an affordable community for decades to come.
“The acquisition of River City Trio is an exciting step forward in our expansion into California and creating affordable housing for low-income residents in Sacramento County,” said Brooke Kim, Vitus director of development. “In addition to revitalizing these units, we hope to improve the quality of life for residents and strengthen the Sacramento community.”
Vitus partnered with the nonprofit Foundation for Affordable Housing (FFAH) on the project, and Merchants Capital funded it with an approximately $8 million tax-exempt Freddie Mac loan. The portfolio also benefited from a multi-family housing income bond issue from the Sacramento Housing and Redevelopment Agency (SHRA). Construction will be completed by MFRG Icon with architectural services by True Craft Architecture. After completion of the construction work, the properties will be jointly managed by Aperto Property Management.
Vitus will also bring 520 hours per year of services to these properties for new residents, including a combination of after-school programs for children and adults…
