For Immediate Release October 12, 2022

Contact: Erin Sogal 614-572-5297

Beacon Communities Redevelops Sustainable, Affordable Housing Complex at Highpoint Towers

$25.5 million Project Preserves Affordability of Senior Community and Introduces Exciting Updates for Residents

Erie, PA – Today, Beacon Communities held a ribbon-cutting ceremony to dedicate the newly renovated Highpoint Towers – a 15-story apartment complex supporting housing for elderly and disabled residents in Erie’s Little Italy neighborhood. This investment marks the second for Beacon Communities in Erie, with their $25 million renovation of downtown Erie’s Richford Arms apartment complex previously announced.

Built in 1976, Highpoint Towers was well-maintained throughout its existence, but much of its infrastructure was aging and had reached its useful life. Upon purchase of the building in 2017, Beacon Communities began planning a comprehensive renovation with the goal of maintaining the property as an affordable housing option for community residents. The renovation included a new curtain wall system and windows, site work, accessibility improvements, unit improvements including new finishes, fixtures and appliances, heating and ventilation system improvements, new elevators, and the creation of common areas to allow for the effective delivery of resident services and wellness programs.

“As our communities become older, we have a responsibility to provide quality, sustainable housing solutions to our residents and neighbors,” said Dara Kovel, CEO at Beacon. “Highpoint Towers is a perfect example of how properties can be refurbished to better support the residents and the surrounding community.”

In addition to the renovation of the 132 units, including 108 one-bedroom and 24 two-bedroom apartments, Beacon conducted sustainability upgrades that achieve Enterprise Green’s rehabilitation standards, increasing the sustainability of the property and minimizing its impact on the environment. Upgrades included the building’s new curtain wall with low U value windows; LED light fixtures with new controls; Energy Star appliances; low-flow toilets, shower heads and faucets; new roofs with R-30 insulation; new roof-top fans run with energy-efficient motors.

Conforming to Beacon’s commitment to developing for larger community needs, Highpoint Towers also offers common amenities including property management and resident services offices; a community room with kitchen and terrace; a fitness room; a computer learning center and wellness office that support the building’s residents and provide services needed within the community.

Chris Groner, Vice President of Capital Finance and Lending for the Erie County Redevelopment Authority, added “the investment in the Little Italy community with the Highpoint Towers renovation marks more continued, sustainable growth and we’re grateful for the impact it has on Erie’s senior and disabled residents and their families.”

Construction and permanent funding for this project was secured from Walker & Dunlop and Freddie Mac, along with funds and Low-Income Housing Tax Credits from PHFA and Hudson Housing Capital, who invested in the project’s tax credits. These partners, together with the

U.S. Department of Housing and Urban Development, which renewed and extended a Section 8 HAP contract, have helped to provide better affordable housing options for Erie and Little Italy’s residents at Highpoint Towers.

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About Beacon Communities: Beacon Communities LLC is a privately owned real estate firm that develops, acquires, invests in, and manages a wide range of multi-family housing. Their portfolio includes affordable housing, market rate housing and mixed income-housing. Their developments range from new construction, to historic adaptive reuse, to the renovation of existing housing. They take on challenging developments and make them succeed. Their driving passion is to create well-designed, healthy homes that improve the quality of life of their residents and enhance the neighborhoods in which they are located. For more information about Beacon Communities LLC, please visit www.beaconcommunitiesllc.com.