Having been to many Alliant Strategic assets in the past, it was a privilege earlier this month to take a few RIAs on a site visit and due diligence tour of the first property acquired in ASI Multi-Family Impact Fund.
Oak Hill Village is a 181 unit property in Willoughby, OH which is about 20 minutes from downtown Cleveland serving residents making less than 60% of the Area Median Income. Built in 1972 and last renovated in 2003, the property was in great physical condition and clearly well maintained but in need of recapitalization to extend its ability to serve its tenants well. In that way, it is a great candidate for ASI’s preservation strategy which includes physical improvements, property optimization, and resident impact services which I was able to see up close. Having only been acquired in October 2022, I was impressed with the progress already made in these areas.
With regard to physical improvements, the first thing I noticed was the four playgrounds that had been upgraded to meet the needs of the many school aged children on the property. Other improvements in the process of implementation range from roof repairs to adding dog parks. As far as optimizing the property, the units had already completed their utility audit and updated shower heads, faucet aerators, and low flow toilets – making for a more efficient property and lowering costs for residents and the property alike. Concerning resident impact services, I was able to meet the on site coordinator that provides after school care and programming who clearly was well adopted by the kids in the community that were arriving while I was there. She was excited about their work serving the residents but declined to take all the credit, saying the healthy snacks they provide help.
My biggest takeaway was the level of care, not only of the asset manager, but everyone working on site. In touring the only available unit for viewing, I noticed the property manager – a woman who had been there for twelve years serving many of the same residents as she did on her very first day – never used the term “moving in.” She repeatedly said she loved helping people “come home.” After touring the kitchen, living room, two bedrooms and bathroom, she said it was time for us to leave or she would have us carrying furniture to help someone “coming home” in an hour. At 4pm on Tuesday, April 25th Oak Hill Village would be 100% occupied.
Affordable housing was the catalyst for the start of CommonGood and is one of our primary areas of focus, please don’t hesitate to reach out for more information on this vital opportunity to change lives and communities for the better.