Cambridge Tower

Cambridge Tower was purchased March 2017. The 14-story, 250-unit Senior Section 8 property is located in Detroit, MI, and includes a recreation area and a club room. The Fund was able to secure this purchase off-market as part of the Forest City Portfolio acquisition.

The Fund was able to secure a mark-up-to-market at acquisition, resulting in a 12% increase in revenue which allowed for immediate improvements at the property. The capital budget consists of in-unit appliance, HVAC, cabinet, and carpet replacement, parking lot repaving, bed bug prevention, and intercom replacement. The Fund anticipates a long-term hold of this asset. The current HAP is a Basic Renewal Contract which was renewed in 2012 and is set to expire in 2031.

The Fund is implementing green improvements to achieve Enterprise Green Communities Certification. Improvements include low-flow toilets and fixtures, LED lighting upgrades, CO2 detectors and mechanical adjustments. This work was approved by HUD to be paid from replacement reserves.

Cambridge Tower, an original pilot site for Communities of Opportunity, has successfully provided enhanced health and wellness services on-site as well as increased programming and services provided by community partners in the areas of hunger elimination, safety programming, stress reduction, education and youth development. A full-time Resident Service Coordinator is funded through the operations of the property.