PHILADELPHIA, Sept. 24, 2019 /PRNewswire/ — Orbach Affordable Housing Solutions (OAHS) today announced the completion of the transformation of University Square after a $25 million investment into the affordable housing property.
Orbach Affordable Housing Solutions bought the property in 2017 and immediately started renovations – the first complete renovation on the building in four decades. Every unit – all 442 affordable units in the building – has been upgraded to improve the quality of living for tenants and improve the building’s overall energy efficiency and sustainability. Every unit has brand-new bathrooms, kitchens, lighting and flooring.
Upgrades to University Square include:
- Upgraded kitchens complete with new energy efficient refrigerators, dishwashers and stoves;
- New accessible bathrooms with fold-up chairs in the showers to ensure elderly and disabled tenants feel safer;
- Energy-saving thermostats in each unit allowing for individual control of the heating and cooling within each respective unit without having to rely on the antiquated single-building heat-only thermostat;
- New luxury vinyl floors that replaced decades-old carpet;
- EIFS panels added on the exterior of the building to improve the thermal profile of the building envelope and to improve the overall sustainability of the building; and
- Energy efficient LED lighting replaces antiquated incandescent and fluorescent lighting creating brighter and safer spaces inside units and in common areas.
OAHS not only upgraded every unit, including handicap accessible units but also increased the number of handicap accessible units in the building. OAHS will keep University Square as an affordable housing building for the next 30 years.
“Orbach Affordable Housing Solutions is very proud of this project,” said Jay Reinhard, President of Orbach Affordable Housing Solutions. “It is our mission to ensure families have a safe, comfortable place to live, and with the transformation of University Square, we are providing our tenants with the improved community they deserve.”
In the past 24 months, through the Low Income Housing Tax Credit program, OAHS has acquired over 1,000 units and expended over $300 Million in total rehabilitation development costs in Pennsylvania and California. Over the next 12 months OAHS is scheduled to acquire 2,000 additional units in New York, New Jersey and Minnesota with another $300 million in total rehabilitation and development costs.
“Our management team is comprised of the industry’s leading professionals specializing in all aspects of affordable property management and re-development. We are committed to ensuring high-quality housing for all income levels and we pledge to continue preserving the affordability of these units for generations to come,” said Meyer Orbach, Chairman of OAHS.
“We have been part of University Square since it opened. More recently being present for the Mural Arts dedication, and informed about all the transformation activities, makes us proud to represent this beautiful housing development, and proud to represent all who live, serve and work here,” said Councilwoman Jannie Blackwell.
“I have lived in University Square for over a decade and feel safer and happier in my home than I’ve ever been thanks to the building upgrades,” said Dr. Sydney Stevenson, Treasurer of the Tenant Council at University Square. “Orbach Affordable Housing Solutions has made tremendous upgrades to the conditions of this building, and more importantly, has improved the quality of life for the building’s residents.”
“We are excited to be part of the transformation of University Square,” said David Unger, CEO of Sentient Buildings. “By installing and actively monitoring energy saving thermostats in every unit, we are helping the property realize significant cost reductions, as well as providing greater comfort to every tenant.”
Along with the massive improvements, Mural Arts Philadelphia unveiled an historic 19-story mural on the University Square building.
“We have always wanted to work with Faith 47. Now thanks to the generosity of the Orbach Affordable Housing Solutions, this dream has come true. The mural, in its scale, scope and complexity is bringing beauty and hope to this part of west Philadelphia. It is truly a beacon,” said Jane Golden, Executive Director of Mural Arts Philadelphia.
ABOUT ORBACH AFFORDABLE HOUSING SOLUTIONS
Orbach Affordable Housing Solutions, LLC (OAHS) was formed in July 2016 to create and preserve affordable housing throughout the United States. As a certified owner and operator with the U.S. Department of Housing and Urban Development’s Housing Assistance Payment Program, OAHS currently provides approximately 2,500 families with affordable housing through its ownership of HUD buildings across New York, New Jersey, Pennsylvania, California and Virginia. You can follow Orbach Affordable Housing Solutions at https://www.orbachaffordablehs.com/.
SOURCE Orbach Affordable Housing Solutions