Parkview Knoll apartment complex may be purchased
CARMICHAELS – A Pittsburgh real estate developer is moving forward with plans to purchase Parkview Knoll and renovate the aging low-income apartment complex in Cumberland Township.
Michael Polite, the chief executive of Ralph Falbo Inc., said the company hopes to move forward with the $8.556 million acquisition and restoration project and begin renovating the 75-unit complex in October if they receive state funding.
The plans include modernizing the 65 apartments and 10 townhomes at the complex, improving accessibility, upgrading security and building a 3,200-square-foot community center for the residents.
“The property is in pretty good shape, but there are things we can do to bring it up to 21st century standards,” Polite said.
The purchase will consolidate existing federal Housing and Urban Development debt and include a “new first mortgage” for the property, Polite said. They also expect to spend about $38,000 on renovations per unit.
The purchase and restoration is dependent on receiving Pennsylvania Housing Affordability and Rehabilitation Enhancement funding, known as PHARE, through the state’s Housing Finance Agency. The county submitted the application and would be the intermediary for the grant, county Chief Clerk Jeff Marshall said. He said the developer requested a similar PHARE grant last year, but did not receive it, so it made alterations to make its current application “more favorable” for approval.
Greene County commissioners agreed Thursday to give the developer $50,000 contingent on it securing PHARE funds. Cumberland Township supervisors also plan to offer $50,000 to the project if state funding comes through.
“It’s a collaboration” between the private developer and state, county and township funds, Polite said.
A sign at the complex shows the current owner as NDC Asset Management Corp. of Pittsburgh, although no one at that company could be reached for comment on the potential sale. A person who answered the phone at Parkview Knoll’s management office said the sale is pending, but did not comment further.
The complex, which houses predominately low-income families, was built in the early 1980s. Polite said people who live there must make 60 percent of the area’s medium income.
“These properties have long-term affordability requirements,” Polite said. “That the complex’s rules.”
Polite said they hope to finalize the sale of the property in October if they receive the proper funding this summer.