Firm Expands Its Growing Portfolio into the Arkansas Market
HOUSTON, TX, January 26, 2018 /24-7PressRelease/ — Allied Orion Group has been selected to manage and assist with the rehab for Mountain View Heights, a 365-unit apartment community in Hot Springs, Arkansas. Located at 100 High Rise Circle and 800 Spring Street, the community is comprised of 120 efficiency and one-bedroom homes in an 11-story high rise as well as 245 one, two, three and four-bedroom units. Mountain View Heights is spread across 31 acres and multiple locations on the East Side of Hot Springs.
Partially owned by the Housing Authority of the City of Hot Springs, which is part of the Mountain View Heights, LP, Mountain View Heights was formerly three individual communities known as Mountain View Towers, Eastwood Heights and Eastwood Gardens. These three communities were selected by the U.S. Department of Housing & Urban Development to participate in the Rental Assistance Demonstration (RAD) project in which public housing units are converted to Section 8, Project Based units. Mountain View Heights is 100 percent tax credit (including Bond and HOME units) and will use 100 percent Project Based Vouchers administered by the Housing Authority of the City of Hot Springs.
In addition to managing the community, Allied Orion Group will be instrumental in assisting in a total rehab. All homes will be converted from window units to central heating and air conditioning. This is the first substantial community rehab since it was built in 1964. Other rehab plans include replacing flooring, cabinets, fixtures, interior plumbing, and exterior siding. The family units will also be converted to individual metered units and washer/dryer units will be installed. The high-rise rehab will also include an installation of a larger laundry room, new roof, fire sprinkler system and rehab of elevators.
Residents will be relocated to other units during the rehab process and are expected to be out of their units between eight to 12 weeks. The entire rehab project is estimated to take between 12-18 months. “This is the first RAD project for Allied Orion Group with a housing authority and our first property management contract in Arkansas,” said Ian Douglas, Chief Operating Officer of Allied Orion Group. “We have been working for two years to secure this deal and will do whatever it takes to make the process as smooth as possible for our residents.”
“We are so happy to have selected a management company that is not only proficient in tax credit and public housing compliance but is professional and puts the local community first and foremost when considering their customer service,” said Holly Knight, President/Owner of BGC Advantage, the developer and consulting group working with the Housing Authority of Hot Springs. “We are fortunate to be working with a nationally recognized firm that ranks client service as their top priority.”
Allied Orion Group is a full-service multifamily management, investment, and construction firm headquartered in Houston, Texas, with additional offices in Denver, Dallas, San Antonio and Winter Park, FL. The firm specializes in public housing, LIHTC, HOME and Project Based Section 8 third-party fee management, as well as market rate community management. Allied Orion Group has acquired or developed more than 13,000 multi-family units with a total aggregate value of approximately $1.1 billion and has a growing portfolio of 23,000 apartment homes under management throughout the nation. For more information, visit www.allied-orion.com.
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