National developer and affordable housing owner, the Vitus Group, has acquired two affordable senior apartment properties in Philadelphia. The company plans to renovate 590 units known as the Four Freedoms House of Philadelphia and the Philip Murray House, located in the Germantown and Fern Rock neighborhoods respectively. Five hundred of the units are set aside for households with annual incomes at or below 30 percent of the area median income (AMI), while the remainder is for those with incomes at 60 percent or below AMI. Vitus Group plans to maintain the affordability of the units for 30 years. Terms of the deal were not disclosed.
“At Vitus, we seek out communities where the availability of quality affordable housing is at risk, such as Philadelphia. We work hard not just to acquire and preserve these housing units, but also to improve the lives of residents,” said Stephen Whyte, managing director for Vitus Group.
