Investment to preserve long-term affordability for residents of Marshall DeForrest Apartments
Contour Housing Partners (Contour) a housing preservation firm, in partnership with Fundamental Advisors, an established alternative asset manager focused on municipal, public purpose, and community assets, today announced the acquisition of Marshall DeForrest Apartments, an 84-unit affordable senior housing community in Huntingdon, Pennsylvania. The transaction will preserve long-term affordability and deliver enhanced quality of life, building safety, and functionality improvements to the residential community.
“Marshall DeForrest is emblematic of our mission to preserve and strengthen deeply affordable housing, especially in rural communities where there are limited rental options,” said Dylan Salmons, managing partner at Contour Housing Partners. “We’re proud to help maintain a safe, quality, affordable housing resource for Huntingdon’s seniors – both now and for years to come.”
Huntingdon County Housing Authority will continue to serve as the property manager, a role it has held since the community opened more than four decades ago. As part of the acquisition, Contour will undertake improvements focused on immediate repairs, lifecycle system replacements, and targeted site upgrades. All construction activity will be carefully coordinated with residents and the Housing Authority to ensure as minimal impact as possible, and no unit relocations will be required.
Originally developed in 1979, the property provides affordable housing to low-income seniors through a Project-Based Section 8 Housing Assistance Payments (HAP) contract with the U.S. Department of Housing and Urban Development (HUD). All current residents will remain protected under the Section 8 program, and no household will pay more than 30% of their income toward rent.
“We’re thrilled to complete our first acquisition with Contour, who share our dedication to preserving needs-based, affordable housing across the United States,” said Michael Lohr, managing director at Fundamental Advisors. “As public purpose investors, we seek to partner with best-in-class operators, such as Contour, to acquire properties where we can leverage our deep experience in revitalizing community assets.”
“The investment in Marshall DeForrest Apartments illustrates how strategic financing can help preserve and enhance affordable housing in communities that need it most,” said Matthew Napoleon, senior managing director at Berkadia. “We’re proud to work alongside partners who share a commitment to long-term affordability.”
The acquisition was financed by a Fannie Mae loan serviced by Berkadia.