AFFORDABLE HOUSING NETWORK INC.
AFFORDABLE HOUSING NETWORK INC COMPLETES SALE OF GENEVA TOWER AND HAWTHORNE HILLS
December 6, 2022
CEDAR RAPIDS, IA – Affordable Housing Network, Inc. (AHNI) announced the sale of two of its multi-unit properties, Hawthorne Hills and Geneva Tower, to Edgemark Communities, the affordable housing division of Edgemark Development LLC, based in Denver, CO. The sale was finalized on December 2, 2022.
Edgemark Communities has extensive experience acquiring, improving and managing affordable housing properties throughout the Midwest, Southwest and Rocky Mountain Region. Both Hawthorne Hills, located at 2283 C St. SW, and Geneva Tower, 310 5th Ave. SE, receive Department of Housing and UrbanDevelopment subsidies. In a commitment to improving and preserving high-quality, long-term affordable housing in Cedar Rapids, Edgemark renewed the property’s Housing Assistance PaymentsContract for 20 years.
Mary Beth O’Neill, President and CEO of Four Oaks Family and Children’s Services (Four Oaks) and AHNI, said the sales followed extensive organizational strategic planning. “AHNI has been evaluating our current portfolio of properties to ensure each one is aligned with our mission—to provide decent, safe and sustainable housing that promotes stability for families and individuals, while also creating community,” O’Neill explained.
AHNI is an affiliate of Four Oaks whose mission is to assure children become successful adults. Services are focused on and rooted in the family and Four Oaks’ philosophy is to positively impact communities by empowering children and families to achieve stability and self-sufficiency.
“This focus means AHNI and Four Oaks are prioritizing affordable housing opportunities that best serve children, families and community development—single-family homes, multi-family properties with a limited number of units, and a reduction in housing density overall,” O’Neill added. “AHNI has successfully been achieving that objective in Wellington Heights since 2012.”
“AHNI vetted a number of potential buyers and chose Edgemark based on the depth and breadth of experience. We are confident that there will not be any gaps in services for the tenants,” O’Neill said.With already a large regional footprint, Edgemark Communities has goals of being a national provider of affordable housing. Having that scale means operating more efficiently and operating with more resources, which means exceeding HUD standards.
The Four Oaks/AHNI Human Resources Department has worked to retain all staff during this transition.