HōM Flats communities are designed to support working residents by offering well-designed and high-quality apartments that are located near major employment centers, says the real estate development and asset management firm.
“This project reflects our commitment to creating housing that supports working families and strengthens regional economies,” Vishal Arora, founder and CEO of Magnus Capital Partners, said in a statement. “At a time when housing costs are rising faster than wages in communities across the country, developments like HōM Flats at Forest play a critical role in expanding access to attainable, high-quality rental housing.”
Magnus Capital Partners is going to redevelop the former school and apartment site that is bordered by Old Orchard Avenue to the west, Homewood Avenue to the south and Forest Avenue to the east.
The property is off North Main Street in a neighborhood that is home to about 2,700 residents, Kettering Health Dayton (formerly Grandview Medical Center), three locally recognized historic districts and a variety of businesses along Salem Avenue and North Main Street.
HōM Flats at Forest will have 11 buildings that contain a mix of one-, two- and three-bedroom apartments that will have open-concept floor plans, kitchen islands, walk-in closets, washers and dryers and other features.
On-site amenities will include co-working and remote workspaces, rooftop terraces, outdoor lounge areas, walking paths and green spaces, a fitness studio, a dog park and washing area, and indoor and outdoor play areas for kids. HōM Flats at Forest will have an early childhood center called the Grō Childcare Academy that is open to the public.
Housing and childcare are some of the biggest barriers to workforce stability, but HōM Flats projects help local businesses to attract and retain talent in a competitive market, said Arora, whose firm has created multiple HōM Flats workforce housing communities in Michigan.
All 260 units will be workforce housing for people and families earning approximately between 50% to 70% of the area median income. For a three-person household in the Dayton region, 50% of the area median income is about $42,250.
Construction of the HōM Flats at Forest is expected to take about 24 months, and the first units could come online in spring of 2027. A ceremonial groundbreaking may take place in spring of next year.
Joe Craig, president of the Five Oaks Neighborhood Improvement Association, said the area has seen a lot of renewed interest in recent years and HōM Flats at Forest will be a destination.
“Five Oaks already has a great sense of place, we are a diverse and active neighborhood,” he said. “We are a historic neighborhood with mature trees, parks and the ability to easily walk or bike downtown. HōM Flats will attract people seeking the Five Oaks vibe, but also seeking something we don’t have now, newly constructed units with the market-rate amenities people expect.”
Lots of single-family homes in the neighborhood are being rehabbed, repaired and reactivated, said Craig, who added that HōM Flats’ units and on-site amenities rival housing projects in downtown and the suburbs.
“What is exciting about the HōM Flats property is that it represents a residential opportunity for individuals renting that hasn’t been seen in our part of the city in a long time,” he said.
About the Author
