FOR IMMEDIATE RELEASE
Ability Housing Acquires Riverton Tower Senior Center
Nonprofit affordable housing developer will maintain the former Jones College property’s use as senior housing
Oct. 26, 2023 — Jacksonville, Fla. — Ability Housing, a nonprofit developer of affordable multifamily housing, today announced the acquisition of the Riverton Tower Senior Center, located at 5353 Arlington Expressway in Jacksonville’s Arlington submarket. Ability Housing purchased the 12-story tower and the 10-acre parcel where it is located for $500,000.
The transaction closed on August 23, 2023.
Riverton Tower Senior Center features 120 units of affordable rental housing for senior citizens ages 62 and older. Community amenities include a pool, on-site laundry facilities, library, computer lab and a dock on the St. Johns River. Current rental rates start at $879 for studio units, $941 and up for one-bedroom apartments and $1,129 and up for two-bedroom apartments. All active leases will remain in place.
The tower was built in 1962 and later served as the primary campus for Jones College. The apartments have been managed by Riverton Tower Senior Center, Inc., also a 501(c)3 charitable organization, since 2018. Ability Housing will upgrade some systems this year and prepare for future major renovations. In the coming years, Ability Housing intends to convert underutilized areas to apartments, with the goal of increasing the total number of units from 120 to 160 — a transition that will allow the organization to serve even more households that are currently priced out of the market-rate rental landscape in Northeast Florida.
“Riverton Tower Senior Center is a special property with a long, rich history in Northeast Florida. We are honored to add this community to our portfolio and look forward to embarking on improvements to bring this historic asset up to the modern standards that its residents deserve,” said Shannon Nazworth, President and CEO of Ability Housing. “In today’s competitive real estate market, it’s rare to have the opportunity to transfer a property of this significance from one nonprofit organization to another. We are grateful for Riverton Tower Senior Center’s collaboration in support of our organizations’ mutual goals of creating and preserving quality, affordable housing for our senior neighbors.”
About Ability Housing:
Ability Housing is an industry-leading not-for-profit multifamily rental housing developer dedicated to creating high-quality affordable housing. We invest in communities through properties that enhance their surrounding neighborhoods, improve each community’s quality of life, and connect residents with a network of voluntary support services.
For more information, visit AbilityHousing.org, like the organization on Facebook (facebook.com/AbilityHousing) and follow on Twitter (@AbilityHousing).