The second phase of the Stoneridge Villas development, which began last year has finally reached completion in Madison, Alabama. Recently, Pennrose, BLOC Global Development Group, and other project partners celebrated the grand opening of the affordable senior housing apartment. The developers added sixty-five additional rental units to the 21.7-acre site at 1700 Balch Road in Huntsville. Therefore, the property now houses 145 affordable apartments for seniors.
Pennrose’s regional VP, Amon Martin, said his company was honoured to celebrate Stoneridge Villas alongside the Huntsville Housing Authority. He said the newly completed property would deliver a contemporary, independent living community for low-income seniors to reside comfortably. Martin also pointed out that, in addition to spacious units, the property offers robust on-site supportive services. Therefore, he said it encourages residents to engage in physical activity, socialization, and healthy lifestyles.
Featured amenities for the Stoneridge Villas Phase II development
The Stoneridge Villas Phase II development offers cottage-style buildings with a blend of one and two-bedroom units for seniors. The 65 additional units on the 100% LIHTC property are fully adaptable, and five of these units are wheelchair-accessible apartments. Additionally, the property will have two units for residents with hearing or vision impairments. The developer has reserved these units for seniors with incomes at or below 60% of the Area’s Median Income (AMI). In Huntsville, the AMI is approximately $41,220 for a one-person household.
The 65 new apartments at the Stoneridge Villas community have open floor plans with large closets. All units have a well-equipped kitchen with a dishwasher and microwave, in-unit laundry facilities and additional storage. Furthermore, residents can also utilize facilities such as the clubhouse, fitness centre, BBQ area, walking trail, and business centre. The community’s convenient location provides easy access to groceries, shopping, and recreation
Low-income housing tax credits (LIHTC), allocated by the Alabama Housing Finance Authority, funded Phase II of Stoneridge Villas. Hunt Capital Partners syndicated tax credit equity, and PNC Bank (formerly BBVA USA) and the Huntsville Housing Authority provided debt financing.