Preserving Senior Housing and Expanding Evergreen’s Impact in Vermont

The Vermont Portfolio consists of three affordable housing properties: Hawks Nest, Eagle Crest and Falcon Manor, located in northwestern Vermont near Burlington, the state’s largest city. This acquisition marked Evergreen’s first properties in the state, focusing on preserving affordability while optimizing operations. In total, the portfolio consists of 191 units of senior housing.  When acquired, the portfolio was in the later years of its extended use period for Low-Income Housing Tax Credit compliance.

Recognizing the growth market that the Burlington metropolitan area represented and the burgeoning need for affordable housing, we preserved affordability by extending the Housing Assistance Payment (HAP) contract and optimized operations through efficient management and capital upgrades. With improved management, scaled operations and strategic capital investments, we demonstrated its capacity to manage multifamily properties successfully in new markets.