VAN ALLEN SENIOR APARTMENTS-

Project Description

Van Allen Senior Apartments will consist of one hundred and ten (110) newly constructed one and two-bedroom units of housing for elderly residents. The project site is located within the Delmar area of the Town of Bethlehem on Route 9W. It is in a suburban rural area served by two neighborhood shopping malls providing supermarkets, a drug store and banks, along with other specialty stores and services. Scheduled bus service accommodates the site. Adjacent single-family homes provide a variety of housing opportunities linked together by communal areas and amenities to form an integrated community.

Construction is expected to be complete by June of 2000 and ready for occupancy.

Rents

The apartment homes have been designed to meet the specific needs of the elderly. The community will be available to senors, defined as households headed be a person 60 years of age or older. Rents for these apartment homes will start at $395. Rents, which include both heat and hot water for the residents, are based on an income level as a percentage of the area median income.

• 15 One-bedroom apartments @$395/month
• 5 Two-bedroom apartments @$465/month
• 61 One-bedroom apartments @$625/month
• 19 Two-bedroom apartments @$725/month
• 10 Two-bedroom apartments @$837/month

Electric is paid separately by the Tenant and is estimated to be $28/month for the one-bedroom apartment and $32/month for the two-bedroom apartment.

Specifics & Amenities

The project will consist of a single two-story, vinyl siding/brick veneer, elevator building.

Apartment Sizes

One-bedroom 633 square feet (approximate)

Two-bedroom 892 square feet (approximate)

Handicapped access will be available throughout all buildings and a number of units are designed so that they can be rapidly equipped to accommodate handicapped residents.

Apartment Features

• Single-level living
• Living room
• Dining area
• Kitchen
• Bathroom w/shower, or tub/shower combination
• Interior storage space
• Central wiring for cable TV
• Wall-to wall carpeting
• Electronic door security system
• Emergency call system

Building Amenities

• Laundry facilities
• Community room
• Activity areas
• Exercise areas
• Outdoor recreation areas

The new housing boasts extensive and beautiful views of the surrounding area with a park-like setting, which maintains the regional character of the Town of Bethlehem community at large.

Management

Van Allen Senior Apartments will be managed by Mercer Management, Inc.

E-mail: Info@mercer-mgmt.com

Development

Van Allen Senior Apartments are being developed by Picerne Development Corporation, one of the country's leading developers of multi-family housing.