Date of Release: 11/17/2007

Denver, CO - Community Housing Concepts, a Denver, CO based non-profit organization, recently acquired the Gholson Hotel Apartments located at 215 West Main Street, Ranger, Texas. The Gholson Hotel Apartments include 50 units designated as elderly, Section 8 affordable housing.

Community Housing Concepts (CHC) has selected the Monroe Group, Ltd. to serve as the property management company for Gholson Hotel. Monroe Group, Ltd. manages 23 multi-family properties totaling 2,084 units. Its portfolio includes Project Based Section 8, Low Income Housing Tax Credit and mixed-income developments in Colorado, Indiana, Texas, North Carolina and Missouri.

CHC is dedicated to providing safe, decent, and affordable housing options for its residents and revitalizing low income communities. CHC owns thirteen low income communities, including Low Income Housing Tax Credit and Section 8 properties, with over 1300 units in five states.

Hud Karshmer, President of CHC, expressed the organization's “strong commitment to working closely with the Ranger community to ensure that the property provides quality housing to the residents.” CHC also set up a Community Advisory Board at Gholson Hotel comprised of a resident-elected Tenant Council and plans to work with residents to identify long-term improvements which might be made to the property.

Steele Properties served as acquisition advisor to CHC on the transaction. Chad Asarch, a principle at Steele Properties stated: “We were pleased to assist with this acquisition and help structure the acquisition to significantly reduce the debt burden on the property.” Steele Properties and its principals have facilitated the acquisition of twenty properties in transactions worth almost $140 million.

As part of its commitment to low income housing, CHC has agreed to keep the Project Based Section 8 post-Mark-to-Market property affordable to ensure that ownership will remain with a non-profit organization for the next 50 years.