For Immediate Release: July 8, 2013
Contact: Michael Monte, Champlain Housing Trust, 861-7300, Buff Lindau, St. Michael’s College, 654-2536
Champlain Housing Trust and Saint Michael’s College Agree to Transfer of Land
Colchester, VT – The Champlain Housing Trust and Saint Michael’s College announced today the sale of land currently leased to CHT along Route 15 in Colchester, Vermont. The parcel is home to Winchester Place, a mixed-income rental development with 166 apartments. The Champlain Housing Trust’s lease with the College was slated to expire in 2033, and this agreement preserves the affordability of the apartments on the site. The existing lease also made investment in the long term capital needs of the property difficult.
“The College’s understanding of our mission and commitment to avoid the displacement of low income households is greatly appreciated,” said Michael Monte, Chief Operating and Financial Officer of the Housing Trust. “We are very pleased to work with St. Mike’s on this transfer.”
In addition to securing the long term affordability of the apartments, another benefit to executing a sale now was to make refinancing and rehab work possible as needed in the coming years.
“We had no plans to sell this property, but when Champlain Housing Trust explained the importance of the sale transaction to the future of Winchester Place it made sense for the College to proceed,” said Neal Robinson, Vice President for Finance at Saint Michael’s.
The leased parcel consists of 16.3 acres, and will be sold for $3.2 million. The 2-bedroom apartments have a range of rents from $725 to $1,050 per month. Fair Market Rent for a two-bedroom apartment in Chittenden County is $1,280, and renters are the second highest cost-burdened in New England.