Park East Apartments

In 2000, the Forest Park Southeast Neighborhood’s Community Plan identified poorly managed and maintained, absentee-owned rental property as one of the most important issues to be addressed by the neighborhood.  Rise acquired 36 such buildings that had been blights on the neighborhood and devised a plan for their redevelopment.  We completed the $7.25 million Park East Apts. Project, 73 affordable rental units in 24 buildings, using low-income housing tax credit equity, historic preservation tax credit equity, and a Missouri Affordable Housing Assistance Program (AHAP) tax credit-eligible charitable contribution.  We rehabbed and converted the remaining 12 buildings to market-rate single-family homes.  Washington University Medical Center provided bridge financing.