RICHMOND, VA. (Oct. 31, 2022) – UMFS, a statewide nonprofit leader in child and family services, has sold its Guardian Place affordable senior apartment buildings at 1620 N. Hamilton St. to multifamily housing operator Fairfield for $25.6 million.
The organization opened Guardian Place in 1994 which today includes two buildings with 236 apartments across 6.5 acres.
“This sale was the result of a thoughtful and extensive process to find a responsible and values-driven buyer that would work to ensure Guardian Place remains a high-quality and affordable senior housing community,” said UMFS President and CEO Nancy Toscano, Ph.D., LCSW. “Today’s announcement will help fund critical infrastructure improvements that align with our mission to serve high-risk children and families. I’m thankful for our staff, Board of Directors and partners for their work to help finalize the sale.”
All Guardian Place staff will continue to be employed through the ownership change.
“Fairfield has a long-standing commitment to the preservation of affordable housing with a history of supporting senior housing communities. We are honored to have been selected by UMFS as the buyer of Guardian Place. The community will be a strong addition to our affordable portfolio of over 16,000 units across 22 markets and allows us to grow our presence in the local Richmond market,” said Josh Kawaii-Bogue, Fairfield Executive Vice President of Investment Management.
Proceeds from the sale will help fund future organizational needs and complement UMFS’s ongoing Be a Champion capital campaign, which aims to transform the educational and residential spaces on its Richmond campus, which serves high-risk and vulnerable youth and is home to almost 200 staff.
UMFS recently opened its newly renovated Child & Family Healing Center in Richmond, a longstanding residential treatment program that delivers trauma-informed care to youth working to overcome emotional and behavioral challenges after an $11 million investment.
The second phase of the campaign is underway and includes an addition to the nonprofit’s Charterhouse School, a specialized educational program for K-12 youth who have special needs. The planned addition will allow UMFS to enhance its student services and expand programs.
“The recent sale allows UMFS to remain laser focused on its mission to be an unwavering champion for high-risk children and families working to overcome challenges and succeed,” said Toscano. “Guardian Place is an important part of our organization’s history, and we look forward to watching the community continue to thrive as its neighbor.”
To learn more about UMFS visit UMFS.org.
UMFS is a statewide, nonprofit agency providing unwavering support and resources to children, teens, and families as they work to conquer behavioral, emotional, and mental health challenges.
UMFS was founded in 1900 as an orphanage in Richmond, and today it provides services ranging from treatment foster care to residential treatment at nine offices across the commonwealth, impacting nearly 13,775 children, teens, and family members. UMFS believes children and teens do better when they’re with families, which is why it offers 18 programs specializing in family creation and preservation.
Fairfield is a privately held multifamily real estate owner, operator and developer that was founded in 1985. Fairfield (www.fairfieldresidential.com), headquartered in San Diego, CA, is active in over 30 geographically diverse markets across the country managing nearly 40,000 multifamily units. As one of the largest vertically integrated multifamily real estate companies in the United States, Fairfield is a leading provider of acquisition, entitlement, development, construction, renovation, property and asset management and disposition services across a broad spectrum of investment strategies. Fairfield operates nationwide with regional offices in Atlanta, Boston, Dallas, Denver and Washington, D.C.