The City of Raleigh provided $3 million in funds to House of David Preservation, Inc to assist in the acquisition of the Sir Walter Apartments. This historic property, located in downtown, currently provides 140 units of affordable housing for low-income seniors.
The 10-story, 200,000-square-foot building opened in 1924 as a hotel. In 1978, the hotel was sold and converted to affordable apartments to house seniors 62-years of age or older with incomes 60 percent or less of AMI, with commercial space on the first floor. The Housing and Urban Development (HUD) contract, which allows for residents to pay rent equal to 30 percent of their income, was set to expire in 2020.
In 2017, a developer entered into a contract to convert the apartments back into a hotel, office space, or luxury apartments. This would have meant that the residents would have to find new housing. In the end, the developer did not move forward with the contract.
House of David Preservation, Inc and Capital Realty Group approached the City in early 2018 with plans to purchase and rehabilitate the apartments, keeping them affordable. The City-provided funding assisted in House of David Preservation, Inc and Capital Realty Group’s acquiring the property in December 2018.
All 140 units will be preserved and renovated, and 21 additional units will be added, resulting in 161 affordable apartments for seniors 62-years of age or older with incomes 60 percent or below of area median income (AMI).
The City of Raleigh is providing $3 million in funding to assist in the acquisition.
Project Lead: Department of Housing & Neighborhoods, Community Development
Design: Tise-Kiester Architects, PA
Contractor: Weaver Cooke Construction, LLC