Overland Property Group Shows Further Dedication to Affordable Housing Rehabilitation in Salina

Overland Property Group, a leading developer dedicated to addressing the affordable housing crisis throughout the country, is proud to announce the revitalization of Oakdale Senior Village, a senior affordable housing development in Salina, Kansas. Founded in Salina, KS, Overland Property Group recognizes the pressing need for safe and affordable housing options for seniors in the community.

Affordable housing is a critical concern in Salina, with many seniors struggling to find suitable living arrangements within their means. Oakdale Senior Village's rehabilitation project seeks to address this challenge by refurbishing and modernizing an existing property to meet the needs of the community's senior population. This undertaking will encompass comprehensive renovations, with a focus on safety enhancements, comfort improvements, and energy efficiency upgrades, while preserving the unique character of the neighborhood. The importance of Oakdale Senior Village to the Salina community cannot be overstated. By rehabilitating this development, Overland Property Group aims to provide affordable housing options that seniors can call home, promoting a sense of belonging, independence, and well-being. The project will create a positive ripple effect throughout the community, as it enables seniors to maintain their social connections, access essential services, and lead fulfilling lives in a secure, comfortable, and supportive environment.

Overland Property Group would like to express its deep appreciation and gratitude to all the partners who have contributed to the success of the Oakdale Senior Village rehabilitation project. Their collaboration and unwavering support to this project have been instrumental in overcoming the challenges associated with increased construction costs and high interest rates, challenges that have slowed down many other developments recently. This project would not have been possible without multiple partners lending funds and expertise including Enterprise Community Partners, Sugarcreek Capital, Greystone, Horizon Bank, Kansas Development Finance Authority, and the Kansas Housing Resources Corporation.

“We are pleased to partner with Overland Property Group to rehabilitate 137 homes for Salina seniors,” said Alissa Ice, Director of Housing Development at Kansas Housing Resources Corporation (KHRC). “Our new state tax credit incentivizes housing development for communities in need, leveraging public/private partnerships to expand quality, affordable housing across the state.”

This project is the first project to finish with the new Kansas state credit that was the culmination of efforts by Kansas Housing Association, Kansas Housing Resources Corporation, and several local developers including Overland Property Group. This credit will go a long way in making development projects more feasible and massively increase access to affordable housing for residents across the state. “The state tax credit program is a valuable resource that increases affordable housing production across the country. We are thrilled to have invested in the first development in Kansas that utilized state tax credits” said Chris Hite, CEO of Sugar Creek Capital. “We are proud of our involvement, and we look forward to providing safe, affordable housing for seniors for years to come.”

“Enterprise Community Partners would like to congratulate Overland Property Group on the recent closing of Oakdale Senior Village. Enterprise is proud to continue its partnership with Overland and is pleased to participate in a project that benefits from the new Kansas state low-income housing tax credit” said Mike Rossi, Vice President of Housing Credit Investments.

“Overland Property Group couldn’t be more excited to expand our commitment to Salina, being part of the solution to housing in my business partner Pat Beatty and my hometown, and the corporate headquarters of Overland Property Group. This investment and major rehab of Oakdale Senior Village will mark an expansion of not only the number of communities we own and have developed in Salina but start an expansion into a new sector of affordable housing nationally for us. Adding acquisition rehabs into our expertieze, helping to preserve and improve existing affordable housing through acquisition and rehab moving forward in addition to our ground up and historic rehab work we are known for. We can’t wait to get the physical work and improvements at the property underway and celebrate the new and improved life with the residents of these 137 homes when the work is completed” said Matt Gillam, Managing Partner of Overland Property Group.

Overland Property Group also extends its sincere thanks to the Kansas Development Finance Authority, and the local government officials, financial institutions, and community organizations for their shared commitment to always improving the lives of seniors in Salina.

Previous Timeline:
• June 2021: Oakdale Johnstown listed for sale owned for a few years by group out of Chicago.
• June 2021: Overland Property Group starts due-diligence and negotiations on contract to purchase community. • July 2021: Overland Property Group goes under contract to purchase community.
• July 2021 – March 2023: Extensive list of 3rd party studies and professional reports as well as remodel approvals and plans completed and finalized.
• July 2021 – June 2023: Government (both state and federal) approvals on consents to purchase, manage and plans associated.
• June 2022: Overland Property Group closes on and purchases Oakdale Johnstown development from previous ownership out of Chicago.
• March 2023 – June 2023: Funding applied and approved by Kansas Housing Resources Corporation.
• March 2023 – June 2023: Investor/Lender, selection and closing process and approvals from government and state agencies for approval.

Timeline Forward:
• July 2023: Project financial closing with lender/investor/state agency/HUD etc, building permits obtained.
• July 2023 – January 2025: Extensive exterior and interior renovations including safety and accessibility upgrades.
• July 2023 - September 2024: Upgrades to amenities, installation of solar and energy-efficient systems.
• December 2024: Final inspections and finish relocation of residents.

“KDFA is extremely pleased to serve as the state-wide bond issuer to provide financing for the Oakdale Senior Village multifamily residential facility located in Salina, Kansas. This important project meets a significant need to provide updated senior housing in Salina, Kansas, and is one of the first new affordable multifamily projects in the State to utilize both federal and the new State low-income housing tax credits. Oakdale Senior Village will provide 137 renovated units located in three buildings.

The Oakdale Senior Village transaction features a strong highly rated finance structure and represents an excellent collaborative effort by all members of the Oakdale finance team” said Rebecca Floyd, President of the Kansas Development Finance Authority. The Oakdale Senior Village rehabilitation project is a testament to Overland Property Group's unwavering commitment to affordable housing and community development. By repositioning an existing property, the developer is creating a sustainable solution that addresses the critical need for affordable housing for seniors in Salina. Overland Property Group is dedicated to collaborating with local stakeholders, empowering the lives of seniors, and fostering a stronger and more inclusive community.

​About Overland Property Group: Overland Property Group is a leading developer committed to addressing the affordable housing crisis and creating vibrant communities across the United States. With a focus on innovation, sustainability, and resident well-being, Overland Property Group specializes in rehabilitating and repurposing properties to provide safe, affordable, and modern housing options. Zain Mahmood, Development Associate, is leading development efforts on behalf of Overland Property Group with Dan Maximuk, Director of Construction, directly overseeing construction efforts.