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Pennrose Celebrates Grand Opening of Stoneridge Villas Phase 1 in Huntsville, Alabama
September 24, 2019
Pennrose, BLOC Global Development Group (BLOC), the City of Huntsville and the Huntsville Housing Authority (HHA) celebrated the grand opening of Stoneridge Villas Phase 1. Located at 1700 Balch Road, the first of the two-phase initiative delivers 80 units of affordable rental housing for seniors.
Speakers at the event included: Tommy Battle, Mayor, City of Huntsville; Quisha Riche, Director of Real Estate Development, Huntsville Housing Authority; Will Culver, Representative of District 5, Huntsville City Council; Kenneth E. Free, Alabama Field Office Director, U.S. Dept. of Housing and Urban Development; Gene Gant, Multi-Family Generalist, AHFA; Judith Dipoala, current resident of Stoneridge Villas; and Mark Straub, Regional Vice President, Pennrose.
Situated on 10.9-acres of the 21.7-acre site, Stoneridge Villas Phase 1 features cottage-style apartments, with 32 1-bedroom and 48 2-bedroom units. The apartments are affordable to households at 60% of the Area Median Income (AMI).
“We’re thrilled to have a Grand Opening for the Stoneridge Villas redevelopment in Huntsville, an area that has lacked new housing investment for decades,” said Mark Straub, Regional Vice President at Pennrose. “This location is an excellent site for seniors, and we have every confidence Stoneridge Villas will serve as a catalyst for greater growth and redevelopment in the neighborhood.”
Stoneridge Villas is located in a suburban area close to shopping, retail and recreation. Residents have access to several community amenities, including a clubhouse with computer center, exercise room, unit security package, covered picnic area and outdoor walking trail. In addition, all apartments boast modern appliances, in-unit washer and dryer and energy-efficient features.
Pennrose and co-developer BLOC partnered with EDT-THA Architecture; Barge Solutions; Capstone Building Corporation; and LEDIC Management Group for architectural, engineering, construction services, and apartment management, respectively.
Pennrose has experience developing affordable communities for seniors throughout the country, including Terraces at the Park, a 68-unit affordable senior housing community in Griffin, Georgia, Glenarden Hills in Maryland, Weinberg Commons in New Jersey, Haven Green in New York and Saint Luke’s Manor in Ohio. Most recently, Pennrose celebrated the groundbreaking of Bensalem Veteran Residences for seniors and senior veterans in Bensalem, Pennsylvania.
Financing for the project includes $4,007,433 in construction financing from SunTrust Bank, $3,425,000 in permanent financing from Pillar Financial, $640,100 in permanent financing from the Huntsville Housing Authority, and $10,670,000 in Federal Low-Income Housing Tax Credit Equity from R4 Capital The Huntsville Housing Authority is also providing project-based vouchers for 40 units.