National faith-based non-profit Retirement Housing Foundation (RHF) and industry-leading management services firm The Schochet Companies mark completion of $1.77 million in renovations with community celebration
(Hartford, CT) June 6, 2013 – Residents, community leaders and public officials recently joined Retirement Housing Foundation and The Schochet Companies for a rededication ceremony of Capitol Towers in Hartford which marked the completion of nearly $2 million in renovations over the past year. In addition to Retirement Housing Foundation’s Californian board members and employees, Mayor Pedro E. Segarra and State Representative Minnie Gonzalez joined residents in the celebration.
“We are thrilled to be a part of this project and of bringing an enhanced quality of life to the more than 160 residents that live at Capitol Towers,” said Richard Henken, President of The Schochet Companies. “These facility improvements will not only ensure the long-term sustainability of this building, but will also provide residents with an enriched living environment by introducing new amenities such as a community room and full time resident services coordinator.”
Opened in 1972, Capitol Towers consists of 144 affordable housing units situated on 1.2 acres in downtown Hartford that provides housing for the elderly and persons with disabilities. In 2012, Retirement Housing Foundation, a national non-profit that provides affordable housing options for the elderly and disabled and The Schochet Companies, which oversees the management of Capitol Towers, launched a comprehensive renovation project that included $1.77 million in facility improvements and energy savings upgrades.
Rev. Dr. Laverne Joseph, President of RHF said of the property and its redevelopment, ““we are honored to have been selected by Emanuel Lutheran Church to continue this vital affordable housing ministry in Connecticut's capitol. With our nation's senior population expected to double by 2030 the shortage of affordable housing will become even more critical. RHF is committed to addressing this need through preservation and new development and we hope to have more opportunities to grow the mission in New England."
Among the renovations included in the project are safety improvements such as a state-of-the-art fire alarm system, a security camera system, and the hiring of part-time security personnel to work on-site. The complex also replaced all unit windows, toilets, and water valves to assist with energy conservation. Furthermore, resident comfort has been significantly improved with an updated hot water system and new building make up air. These renovations have created a safer, healthier, and more eco-friendly living environment for all residents to enjoy.
About Retirement Housing Foundation
Retirement Housing Foundation (RHF), a non-profit organization which provides housing and services to elders, economically disadvantaged families, and disabled adults, served as the leader in this transaction. Federal Management Co., Inc., an affiliate of Schochet Associates, Inc., a full service real estate development and management company, will remain property manager and continue to act as developer in an advisory capacity. This is just one of the many successful collaborations between the two organizations.
About the Schochet Companies
Founded by Jay R. Schochet in 1973, the Schochet Companies offer a full range of real estate development, property management, and investment services. Over four decades, the firm has developed, owned and/or managed in excess of 7,000 apartments and over 600,000 square feet of retail and commercial space throughout New England and on the West Coast. Today, the Schochet Companies own and/or manage over 4,500 apartments and 275,000 square feet of commercial space throughout New England. Headquartered in Boston, MA, Schochet has regional offices in Newport, RI, Portland, ME, and Hartford, CT and employs over 160 people.