Magdalena Munao Magdalena Munao | June 10, 2020 | The Latest
As part of a $75 million acquisition, Orbach Affordable Housing Solutions recently announced major plans for five properties—three in West New York and two in Pennsylvania. The Pennsylvania properties, Bethlehem Townhomes in Bethlehem and Stoney Ridge Apartments in Hanover as well as the New York properties, Niagara Towers in Niagara Falls, Tonawanda Towers in Tonawanda and the Urban Park Towers in Lockport will all undergo massive renovations that will include updates to appliances and modernizing every unit.
“Our mission remains very clear: we want to create safe, beautiful and affordable homes for residents and their families to enjoy,” OAHS Chairman, Meyer Orbach says. “My dedicated team has been identifying projects all across the country as part of our commitment to ensure high-quality housing is available to all income levels for generations to come.”
Thus far, Meyer Orbach who is also a minority owner of the Minnesota Timberwolves now owns over 4000 units that are all considered affordable housing and has already made a significant impact with OAHS’ other Pennsylvania property in 2019, the University Square Complex in West Philadelphia. Restored and updated after more than 40 years of decline, University Square now serves as a beautiful 442 unit building for seniors and elderly families with all appropriate updated accommodations. Each unit was modernized with energy efficient appliances, accessible bathrooms for disabled residents, energy-saving climate systems, and luxury vinyl floors that replaced decades old carpet.
Originally acquired in 2017, the University Square building was immediately gutted after the Orbach group allotted over $25 million toward its renovation for a total capitalization of over $140 million. Under the care and operation of the OAHS, University Square will remain as an affordable housing solution for the next 30 years.
After pinpointing particularly underprivileged communities that would benefit the most from properties that offer affordable housing solutions, OAHS continues to strive to make a difference in Pennsylvania communities. Since the company’s founding in 2016, OAHS has continued to strive to create living solutions that are not just affordable, but are accessible and comfortable for all tenants.
"Orbach Affordable Housing Solutions is proud to continue expanding its portfolio and to bring its expertise and quality management to our properties across the country to ensure all our tenants have a safe, comfortable place to live," said Jay Reinhard, President of Orbach Affordable Housing Solutions.
Nation-wide, the Orbach group is proud to announce that they have provided housing for over 4000 families across the United States. By the end of 2020, the group plans to acquire another 1000 affordable units. Moreover, the OAHS looks for opportunities to provide its housing solutions all over the country, as they are certified owners and operators with the U.S. Department of Housing and Urban Development's Housing Assistance Payment Program.