CHP Announces the Acquisition of Dolly Ann Apartments in Covington
Christiansburg, Va. — Community Housing Partners (CHP), the Christiansburg-based Community Development Corporation, is pleased to announce the recent purchase of Dolly Ann Apartments in Covington, Va. The 108-unit property marks the non-profit organization’s 77th multi-family property that it owns or manages, bringing the number of total rental units to 4,933.
CHP was able to purchase the property with financial assistance from BB&T.
The development was constructed in 1972, and is rented to low-income households earning at or below 60% of the area median income. After rehabilitation, the property will feature a community center, playground, and sports court, as well as central laundry facilities. Each garden apartment boasts either two or three bedrooms, carpeting, heating, and air conditioning.
CHP intends to preserve the Dolly Ann Apartments as a source of affordable housing stock for the residents and community of Covington in a time when more and more multi-family properties are being converted to market-rate rental and condominium housing.
“We are quite happy with the acquisition of Dolly Ann Apartments,” said CHP Vice President of Multifamily Development John Henry. “The ownership and management of affordable rental properties throughout Virginia, North Carolina, and Florida enables CHP to help under-served communities, provide support for local economies, and encourage individuals to become self-sufficient, successful, and sustainable,” added Henry.