The Champlain Housing Trust announced today that it has purchased the Ethan Allen Apartments in Essex from the University of Vermont. The property, with 31 apartments in 11 buildings, was sold for $3.9 million.
“We are excited to acquire this property, and appreciate UVM’s desire to work with us to eventually create more affordable homeownership opportunity,” said Michael Monte, chief operating and financial officer for CHT.
The organization will offer existing tenants an opportunity to sign a new lease in June. Eventually, 19 of the 31 apartments will slowly be converted to affordable homeownership through CHT’s shared equity program.
The remaining twelve apartments will remain for rent, and will provide future flexibility for CHT to address affordable housing needs for people in need.
“Champlain Housing Trust have been ideal partners to work with on the sale of Ethan Allen Apartments,” said Annie Stevens, Vice Provost for Student Affairs at UVM. “We know that Champlain Housing Trust will be excellent stewards of this property and that they are committed to providing a smooth transition for the student residents and their families as well as assistance for their ongoing affordable housing needs.”
CHT is receiving financing for the purchase through Community Housing Capital, a national Community Development Financial Institution which serves as a direct lender to members of the NeighborWorks America network, like CHT. Most recently, Community Housing Capital financed a similar rental-to-homeownership initiative of CHT’s in Burlington’s south end. The university is also financing a portion of the sale.