Lewis & Clark Development Group (LCD Group) has purchased Bottineau Townhomes, Oak View Apartments, and Oak Manor Apartments. The sale of the properties, which had been under LCD Group’s management since last year, was finalized on May 11.
“Tenants will not be impacted by the purchase of these properties,” says Brent Ekstrom, LCD Group executive director. “They will notice upgrades to the buildings later this year as we invest in improvements and updates that will only enhance each property’s quality of place.”
Ekstrom said once the owner indicated a desire to sell the properties, LCD Group moved in to make an offer.
LCD Group Multifamily Housing Director Paulette Paulson says that the purchase was ideal both for the community and the organization.
“Many rural communities struggle with housing. Bottineau is a notable exception with these three outstanding properties. We jumped at the opportunity to purchase Bottineau Townhomes, Oak Manor, and Oak View because we want to ensure these properties remain available, affordable, and attractive for present and future tenants,” adds Paulson.
Lowering the Eligibility Age to Meet Demand
Bottineau Townhomes provides 12 townhomes for rent at market rate for all individuals and families.
Oak View provides 12 affordable housing units for families at rates set by the U.S. Department of Housing and Urban Development (HUD).
Oak Manor provides 30 units for seniors and those with disabilities. Eighteen of Oak Manor’s units are available at HUD rates with the remaining 12 apartments rented at market rates. To accommodate a growing need, Paulson says LCD Group will be lowering the eligibility age for the market rate units from 62 to 55 years of age.
“We are finding more and more potential residents aged 55 and older, but who are not yet 62, would like to downsize or move into a unit. Opening these apartments up makes sense both for them and could have a positive ripple effect in opening up some additional houses for purchase by younger families, couples, and individuals,” adds Paulson.
More information about LCD Group’s property management services may be found here. Lewis & Clark Development Group is an equal opportunity provider.