Buyer Information Form

Compton Hill Apartments

For-Sale Properties

History

Mutual Housing Association

Staff and Board of Directors

• Compton Hill Apartments: Purchased 37 multi-family properties, including 132 residential and 6 commercial units. These properties are operated and marketed by DeSales as a single "complex" with a single identity, the Compton Hill Apartments. DeSales secured interim financing of $1.65 million from NationsBank and hired E.M. Harris Construction to carry out moderate rehabilitation of the properties during the first half of 1999. Mangement of all units was contracted to Rodemyer-Christel, Inc., which opened a leasing and management office at 2857 Russell with full-time management and maintenance staff on site.

• RHCDA Grant: Won approval of a three-year, $160,000 operating grant from the Regional Housing and Community Development Alliance, to be used for new staff positions and organizational development. DeSales was one of just five organizations to be funded under RHCDA's new Regional Neighborhood Support Collaborative grant program.

• St. Louis Equity Fund Partnership: Successfully proposed a long-term partnership with the St. Louis Equity Fund to develop both market rate and low income housing. Building upon two previous limited partnerships with SLEF, this new relationship will provide DeSales with acquisition/predevelopment financing and equity investment for new projects.

• 2303-07-11 Minnesota: Acquired these three vacant, long-troubled buildings in Tower Grove East. Financing was provided by Enterprise Bank. These properties will be rehabilitated as market rate rental townhouses using Historic Rehabilitation Tax Credits.

• 3200 Arsenal Redevelopment: On September 19, 1998, DeSales staff and board members participated in the dedication of 5 new homes built by Pyramid Construction. Beginning in 1996, DeSales had coordinated site selection and acquisition for this project in conjunction with Pyramid, Operation Impact, and 9th Ward Alderman Martie Aboussie.

• 2748 Armand: Demolished a vacant and dilapidated two-family at this address, which DeSales had acquired in 1997 through a donation from Peoples Bank of Cuba, MO. The lot was sold to the adjacent property owners, who landscaped and now maintain the property as a side yard.

• 3203 Halliday: Purchased a delinquent note and deed of trust on this vacant four-family from Commerce Bank, in order to prevent sale to a speculator. DeSales then foreclosed to obtain title. Redevelopment of the property is planned for 2000.

• 3517 Connecticut: Acquired this attractive two-family from HUD with financing through South Side National Bank. The property was renovated and sold to an owner-occupant in 1999.

• 2852 Victor: Acquired this two-family and conveyed it to a neighborhood-based investor, who carried out extensive renovation. The units are now rented to immigrant families.