News & Press

Beacon Communities Assumes Ownership of Five Senior/Family Affordable Housing Developments in Ulster County

March 2, 2022

 

**FOR IMMEDIATE RELEASE**

March 2, 2022

Contact: Liz Benjamin

liz@marathonstrategies.com, (518) 424-0356

 

 

Beacon Communities Assumes Ownership of Five Senior/Family Affordable Housing Developments in Ulster County

Acquisition By Firm With Proven Track Record of Preserving, Upgrading, & Managing Affordable Housing Projects Across New York & Nationwide Will Help Keep People In Their Homes, Address Ongoing Local Housing Crisis

 

ULSTER COUNTY, NYBeacon Communities, a privately-owned real estate firm that develops, acquires, invests in, and manages a wide range of multi-family housing, today announced that it has taken over five affordable housing properties in Ulster County that serve lower-income seniors and families.

All told, Beacon has assumed ownership of 358 units across five communities and will be working with residents and local stakeholders in the coming months to identify and undertake short-term improvements. Attention will then turn to long-term planning and investments that will upgrade the quality of life for residents and also improve energy efficiency at each community.

“The pandemic exacerbated the burgeoning affordable housing crisis statewide, and particularly in Ulster County, where safe and high-quality long-term options are increasingly difficult to find,” said Dara Kovel, Beacon Communities CEO. “Through this takeover, Beacon will help residents stay in their homes and continue to be active, contributing members of their respective communities.”

“We look forward to replicating Beacon’s success in preserving and upgrading affordable housing options as we continue to grow our presence across the Empire State,” said Beacon Communities Executive Vice President Nicole Ferreira, who oversees the firm’s affordable housing development efforts across New York. “Safe, reliable housing is the key to keeping residents and communities vibrant and healthy, and the improvements we will make over time at these properties will contribute significantly to that goal while also generating local jobs and revenue to help the ongoing economic recovery effort.”

As of March 1, Beacon Communities now owns:

Since it opened its Albany office in 2016, Beacon Communities has been steadily expanding its portfolio in upstate New York. It has successfully partnered, for example, with the Troy Housing Authority to modernize and rehabilitate the 50-year-old Martin Luther King apartments, helping to expand green space while modernizing units and upgrading energy efficiency. Beacon also manages the Ohav Shalom Apartments in Albany, where it partnered with NYSERDA on investments that reduced operation costs to ensure affordability.

In Rome, NY, Beacon is moving forward with the rehabilitation of the Colonial II Apartments, an affordable housing project for seniors and disabled residents, that will be completed in partnership with the Rome Housing Authority to achieve carbon neutral energy usage to help advance the state’s ambitious mandate to combat climate change. This comes on the heels of the successful rehabilitation of Colonial I, also in Rome, that created 83 energy-efficient and affordable homes for seniors and individuals with physical disabilities.

 

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About Beacon Communities LLC

 Beacon Communities LLC is a privately owned real estate firm that develops, acquires, invests in, and manages a wide range of multi-family housing. Our portfolio includes affordable housing, market rate housing and mixed income-housing. Our developments range from new construction to historic adaptive reuse, to the renovation of existing housing. We take on challenging developments and make them succeed. Our driving passion is to create well-designed, healthy homes that improve the quality of life of our residents and enhance the neighborhoods in which they are located. For more information about Beacon Communities LLC please visit www.beaconcommunitiesllc.com.

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