Washington, DC – (RealEstateRama) — On June 1, POAH acquired 20 properties with 1,136 affordable apartments in Ohio and Kentucky from The Model Group (TMG), a for-profit development company with deep roots in Cincinnati. This represents POAH’s largest portfolio acquisition to date and comes at a time when some Cincinnati neighborhoods are seeing significant investments in infrastructure, new public transportation options, and an expansion of the district’s art and dining scene
Apartments will remain affordable long-term and allow residents of all income levels to participate in the economic renaissance of these neighborhoods. POAH was invited to Cincinnati by The Model Group who was looking for a non-profit partner that could provide integrated property management and resident services. TMG was looking for the optimal way to leverage affordable housing to provide opportunities and create transformation for low-income residents.
In neighborhoods like Over-the-Rhine, Walnut Hills and Evanston – where rents have climbed dramatically and much of the affordable housing is at risk of conversion to market-rate apartments or condos – POAH and TMG have preserved affordability, support and expanded opportunities for low-income residents in Cincinnati.
In addition, POAH Communities is providing third-party management for more than 600 affordable apartments and will partner with TMG to preserve and build affordable housing properties going forward. POAH Communities will implement a Community Impact program across the portfolio to help residents succeed, with outcome-driven resident services that foster financial stability, health and education.