FOR IMMEDIATE RELEASE
Love Communities Acquires Riverview Place in Wilmington, DE
Wilmington, DE — Monday, September 30, 2024— Love Communities is proud to announce the acquisition of Riverview Place, an 88-unit residential community located in Wilmington, Delaware. Nearly half of the units are on HAP contracts and will continue to provide affordable housing for many of its residents, aligning with Love Communities’ mission to support housing stability in the region.
Love Communities will partner with HUD-approved property manager CAPREIT, whose extensive expertise in affordable housing management will ensure that Riverview Place continues to thrive as a well-maintained and supported community for its residents. “While this is our first project based affordable housing community, the property itself is very consistent with the type of assets we already own”, said Heather Pushinsky, President of Love Communities. “This acquisition reflects our commitment to providing high-quality, affordable homes while ensuring long-term stability for the residents. We’re proud to take this step and look forward to expanding our efforts in the affordable housing sector.”
Mark Thomson, Founder of Love Communities added, “we are excited to have been able to offer HUD a new 20-year contract to continue serving a need for this housing in the future. This is not as simple as some might think and there are many moving pieces. We were able to combine relationships and efforts from not only HUD, but also DSHA (Delaware State Housing Authority) and New Castle County’s Division of Community Housing and Development. We also utilized a unique loan program that took some patience and commitment on both sides. This is a small acquisition that required a lot of relationships and cooperation. You could say it was a ‘Labor of Love.’”
As part of Love Communities’ ongoing commitment to revitalizing communities for long-term ownership, Riverview Place will undergo interior renovations in all units to modernize and enhance living conditions. Renovations will be led by Managing Director, Jay Thomson and will be carefully phased to minimize disruption to residents while the property remains 100% occupied. “Our planned exterior upgrades, including replacement of the retaining walls, installation of proper drainage systems, new asphalt paving, hardscaping that capitalizes on Delaware River views, and updated playground amenities, are designed to support both the safety and long-term sustainability of Riverview Place,” said Managing Directory, Jay Thomson of Love Communities. “These improvements will not only enhance the overall aesthetic of the property but also ensure the site remains a secure and durable community space for residents to enjoy for years to come.”
For media inquiries, please contact:
Heather Pushinsky, President | 215-450-2819
About Love Communities
Love Communities, LLC (“Love”) is a vertically integrated commercial real estate and investment management company, that manages, develops, and invests in multi-housing properties. With communities across Pennsylvania, Maryland and Delaware, our team pairs market expertise, and a selective acquisition process to benefit our investors and ensure our residents ‘Love where they live’. Further information on LOVE is coming soon at livelove.com.