Real Estate Marketing & Beyond
Residents at Sunrise Estate Apartments in The Dalles have plenty to celebrate. Guardian Real Estate Services, in partnership with the US Department of Agriculture Rural Development Services (OHCS), recently completed a $12.1 million rehab and new construction project that is home to more than eighty families in The Dalles, Oregon.
The celebration will take place on Thursday, July 11th, and will begin with a dedication program at 11:00am. It will be followed by lunch and self-guided tours of the property. The program speakers include: Vicki Walker, State Director, USDA- Rural Development, Oregon; Heather Pate, Oregon Housing and Community Services; Thomas B. Brenneke, President, Guardian Real Estate Services, and Lynnette DeMoss, Resident, Sunrise Estates Apartments.
Sunrise Estates was originally constructed in 1977 by Ray and Gloria Schultens who were long-time business and civic leaders in The Dalles. The property was purchased in 2011/12 by Guardian Real Estate Services, along with an adjacent parcel of land. The company realized that recapitalization was required for the property to remain a viable housing resource. The sixty apartment homes were renovated with upgrades including new kitchen cabinets, energy efficient appliances, new flooring, new roofing, replacement windows and doors and replacement siding. An additional twenty apartments and a community room were constructed on the adjacent parcel of land, as well as a new playground, laundry facilities, garden beds and an on-site management office.
The project received funding allocations from Oregon Housing and Community Services, including $3.5 million in Oregon Affordable Housing Tax Credits and $8.7 million in federal Low Income Housing Tax Credits. These allocations, together with loans of $3.5 million from a First Republic Bank and assumption of the existing loan from the US Department of Agriculture Rural Development Agency provided the resources necessary to complete the project.
Project partners include: Guardian Real Estate Services, First Republic Bank, WNC, Oregon Housing and Community Services, USDA-Rural Development, LMC Construction and Myhre Group Architects.
Guardian Real Estate Services was founded in 1971, with headquarters in Oregon and Seattle, Washington. It is a privately held, vertically-integrated, real estate management, investment and development firm. The company has more than 1,000 employees in eight states, and a management portfolio consisting of more than 16,500 multifamily units in 260 properties. Guardian Real Estate Services owns approximately 25% of its portfolio.
