Real estate developers Tredway and LIHC Investment Group joined federal housing officials and local leaders recently to unveil the completion of a comprehensive, $42 million preservation and rehabilitation of Forest Hill House. The extensive capital project represents the first major modern overhaul of the nearly 50-year-old mid-rise complex, which provides 99 affordable apartments for senior citizens.
As a primary component of the transaction, the development team executed a regulatory agreement extending affordability protections at the asset for an additional 30 years. All 99 units will continue to be restricted to low-income senior households earning a maximum of 60 percent of the Area Median Income (AMI).
The transaction marks a milestone for New Jersey real estate policy, serving as one of the first instances of the New Jersey Economic Development Authority’s (NJEDA) Aspire program financing the acquisition and renovation of an existing LIHTC project, as well as one of the first completed Aspire developments in the City of Newark.
“The renovation of the Forest Hill House in Newark exemplifies the power of public-private partnerships in expanding affordable housing options, improving quality-of-life for residents, and strengthening neighborhood vitality,” NJEDA Chief Executive Officer Evan Weiss said.
U.S. Department of Housing and Urban Development (HUD) Deputy Regional Administrator Michael Browder and Asset Management Division Director Dean Santa stood alongside Newark Councilman Anibal Ramos Jr. to tour the modernized facility.
“By preserving affordability for decades to come and investing in services and amenities for seniors, this effort strengthens both the building and the community around it,” Councilman Ramos noted.
Tredway and LIHC originally acquired the asset in 2024, immediately launching an intensive physical rehabilitation program guided by Inglese Architecture + Engineering to modernize aging systems and integrate universal ADA accessibility standards.
The structural and interior overhauls included:
- Residential Interiors: Full kitchen and bathroom reconstructions featuring new cabinetry, stone countertops, modern tiling, new bathtubs, and updated flooring.
- Mechanical & Efficiency Systems: Full replacement of building-wide roof boilers and backup emergency generators, installation of new windows and high-efficiency air conditioning units in all apartments, and a 100 percent conversion to LED lighting.
- Outdoor Common Real Estate: Complete refurbishment of the building’s 1,000-square-foot outdoor patio with new furniture and landscaping, complemented by a 300-square-foot enclosed outdoor expansion.
To mitigate geographic and physical barriers to medical care for the aging tenant population, the developers reconfigured common areas to integrate a dedicated, on-site doctor’s office and clinical nursing station. Additional internal amenities feature a specialized fitness and mobility training room, a resident beauty station, and free building-wide Wi-Fi connectivity.
The property management firm, SHP Management, has established local B2B service partnerships with the Mount Prospect Partnership and Northward Senior Transportation. The collaborations will roll out expanded social services directly to residents, including weekly scheduled local shuttle trips, community holiday food distribution programs, and specialized fire and life safety training workshops.
The Newark delivery marks Tredway’s second major senior housing preservation success in New Jersey, following its recent 30-year affordability extension and renovation of the 225-unit Riverview Towers senior apartment complex in Camden.
