COLCHESTER — The Champlain Housing Trust purchased the Ethan Allen Apartments on Barnes Avenue from the University of Vermont for $3.9 million, the organization said this week.
Existing tenants in the 31 unit apartment complex will have the opportunity to sign new leases with CHT in June. Over time CHT will convert 19 of the apartments into affordable homeownership opportunities for people through its shared equity program. The remaining units will continue to be available for rent, according to a news release.
CHT got much of the money for the purchase from Community Housing Capital, a national community development lender that finances similar projects across the U.S. UVM also helped CHT finance the deal.
“We are excited to acquire this property, and appreciate UVM’s desire to work with us to eventually create more affordable homeownership opportunity,” said Michael Monte, chief financial officer for CHT, in a statement.
“We know that Champlain Housing Trust will be excellent stewards of this property and that they are committed to providing a smooth transition for the student residents and their families as well as assistance for their ongoing affordable housing needs,” said Annie Stevens, vice provost for Student Affairs at UVM, in a statement.