Wallick investing $27.7M+ in communities

Wallick Communities - a privately-owned New Albany, Ohio-based company that develops, constructs, and manages affordable housing communities as well as independent living, assisted living, and memory care communities - is investing over $27.7 million to develop a community in Sylvania and to rehabilitate a community in Fostoria. The company, subject to financing, may develop another community in Hillsdale. Michigan, as well.

The communities include the Crescent at Oakleaf Village of Sylvania in Sylvania, the Eco Village Apartments in Fostoria, and potentially the Hillsdale Senior Apartments in Hillsdale. Michigan.

The Crescent at Oakleaf Village of Sylvania

The Crescent at Oakleaf Village of Sylvania, located on the campus of Oakleaf Village of Sylvania at 4220 North Holland-Sylvania Road in Toledo, will be a $20.1 million state-of-the-art independent living community for active seniors who are in their mid-70s to 80s and seeking to simplify their lives by limiting home maintenance responsibilities and eliminating expenses such as utilities, property taxes, and homeowners insurance.

The 84,000 square foot community, according to Wallick, will be a unique marketrate option to keep seniors in the Toledo-area and provide the possibility to age-in-place. In addition to temporary construction jobs, it will employ a total of 10 full-time and parttime associates once completed.

"There will be two, four-story residential towers connected by a single-story common

area. The first-floor amenities include a modern reception area, a living room with a portable bar and ceiling-mounted movie projector, a grab-and-go bistro, and a wellappointed

dining venue with a full-service kitchen and seating for 40. Additionally,

a landscaped patio will accommodate dining services and cocktail hours in warmer months," said Michael DiCarlantonio, development manager, Wallick Communities. "Five activity spaces are scattered throughout the remaining floors: two exercise facilities, two art and craft rooms, and a beauty salon. Additional amenities included in the monthly rent are laundry services, bi-weekly housekeeping, continental breakfast, fitness classes, an onsite concierge, and an activities director."

According to DiCarlantonio, the Crescent will offer a variation of one- and twobedroom suites, all with spacious kitchens, large windows, tall ceilings, a walk-in closet, high-end fixtures, and either a balcony or patio. Each of the 54 units has one dedicated covered or enclosed parking space, and square footage of a unit ranges from 8001,100 square feet.

Construction begins in October of 2019 and is expected to take 15 months, weather permitting. Wallick Construction will serve as the general contractor and has partnered with Pennsylvania-based RLPS Architects. According to DiCarlantonio, the Crescent at Oakleaf Village of Sylvania will be operated by Wallick Communities.

"Wallick has provided care and housing to Sylvania-area seniors for over 30 years. Within that time, the company has observed firsthand the struggles seniors endure while transitioning from an independent living situation to an assisted living facility. Most often, this change causes an unnecessary strain on a senior's health and overall wellbeing. The Crescent addresses this issue by allowing seniors to maintain their independence while offering personal care assistance if or when desired. If a resident decides additional care is needed, two of Wallick's assisted living and memory care communities are on the same campus," said DiCarlantonio.

The two assisted living and memory care communities include Oakleaf Sylvania. a 145-unit independent and assisted living community currently under renovation, and The Grove, a 40-bed community adjacent to Oakleaf Sylvania.

Eco Village Apartments

The Eco Village Apartments, located at 1206 Beier Drive in Fostoria, is an affordable, 60-townhome community for families. Constructed in 1978, Eco Village is maintained by Wallick's property management group, however, it lias not received any significant level of rehabilitation throughout its 40-plus years of operations.

According to Tim Swiney, senior vice president in development, Wallick Communities, the majority of building components have exceeded their effective use and as a result. Wallick has received $1.4 million in Ohio Housing Trust Funds in conjunction with 4% Housing Tax Credits, as well as $3.7 million in Tax-Exempt Multifamily Bonds from the Ohio Housing Finance Agency (OHFA). Swiney noted that the total investment in the project is $7.6 million.

Swiney noted that the funds will go to replacing roofs and siding, installing ENERGY STAR-rated windows, and updating sidewalks and curbs to align with ADA regulations. Unit improvements include new kitchen appliances, cabinets, and countertops, as well as first-level flooring, electrical devices, entry and interior doors, showers, and a split-system HVAC. The rehab will not result in any permanent jobs but will providetemporary construction positions.

"Eco Village consists of eight residential buildings with two- to four-bedroom townhomes ranging from 800-1,300 square feet. Under the Housing Assistance Payments (HAP) contract, Eco Village can provide quality housing to extremely low-income families, who earn 30% or less of the area median household income," said Swiney.

Construction begins in May of 2020 and is expected to take 12 months, weather permitting. Wallick Construction will serve as the general contractor and Hooker DeJong, Inc., based in Michigan, will be the project's architect. Swiney noted that Eco Village is operated by Wallick Communities. "Eco Village is an opportunity to preserve existing affordable housing in Seneca County, which is an underserved area in terms of low-income housing. In addition to not receiving a competitive tax credit award since 2016, over 20% of Seneca County is burdened by the high cost of rent and is faced with a shortage of 825 units for extremely low-income individuals. These reasons pose a major challenge to Seneca County's continued growth and economic outlook. Eco Village will not only improve the lives of residents, but is a $7.6 million investment in a county that desperately needs more affordable housing," said Swiney.

Fostoria Townhomes, the "sister property" of Eco Village, underwent an extensive rehab

in 2016. Since then, according to Swiney, Fostoria has experienced an above-average occupancy rate, high resident satisfaction ratings, and a lengthy waiting list.

"Once the rehab is completed, Eco Village will almost mirror Fostoria Townhomes and both communities will be well-positioned to provide quality homes for decades to come," said Swiney.

Hillsdale Senior Apartments

Hillsdale Senior Apartments is a planned affordable, 60-unit community for seniors 55-plus in Hillsdale, Michigan. Currently, Wallick is working to secure funding for the three-story, 60,000 square foot community that will consist of mostly one-bedroom units.

"The proposed development will reside on a five-acre wooded lot, where future residents can take advantage of an adjacent walking path with mature trees. According to Joe Hall, vice president in development, Wallick Communities, in addition to approximately 70 temporary construction jobs, Hillsdale will create two full-time positions. The development will be restricted to individuals over 55 years of age who earn below the area's median income," said Hall.

Subject to financing, construction is estimated to begin in the fall of 2020 and expected to take 12 months. Wallick Construction will serve as the general contractor and RDL, based in Shaker Heights, will be the project's architect. The development will be operated by Wallick Communities, noted Hall.

"In addition to expanding our presence in Michigan, Wallick views Hillsdale Senior Apartments as an opportunity to join Hillsdale's outstanding, stable community and help fulfill its need for affordable senior housing," said Hall. "Wallick is proud to be a full-service real estate company that will provide services including development, general contracting, property management, and asset management. Wallick looks forward to being the long-term owner of this development."

In addition to seven senior living communities in Ohio, Wallick owns or manages 170-plus affordable communities across seven states in the Midwest. The company employs over 800 associates and has been in the affordable housing industry for over 50 years and has three decades of experience in senior living. Today, the company is focused on expanding its portfolio of affordable and senior living communities to provide quality housing and care to families and seniors.