On May 7th, Brooksville Company LLC and Rockpoint Group LLC announced their purchase of Spring Creek Towers from its previous owner, Starrett City Associates. As a part of the transaction, Brooksville and Rockpoint worked extensively with the State and elected officials to extend affordability protections for all Spring Creek Towers residents, and plan to make substantial improvements to the community’s infrastructure. Brooksville and Rockpoint will extend the Section 8 protections by 20 years through 2049 and Mitchell Lama protections by 15 years through 2054. They will invest over $140 million in capital improvements for the community.
“We are honored to become a part of this community,” said Andrew MacArthur, President of Brooksville Company, “We have worked closely over the last several months with community leaders, elected officials and regulators to ensure that this transaction fulfills and continues the original vision of Spring Creek Towers and we are grateful for the efforts of all stakeholders to make this transaction possible.”
As new owners of Spring Creek Towers, one of their many focuses is to make infrastructure improvements, such as implementing additional back-up power to the power plant and an overhaul of the community’s underground piping system.
“We hope for the best during this ownership change, and we are looking forward to the innovations that Brooksville and Rockpoint will bring into the community,” said Rebecca Caraballo, President of the Starrett City Tenants Association.
“The commitment by Brooksville and Rockpoint to invest in the infrastructure of the site, insuring the delivery of essential services for many years to come, and in maintaining the quality of life residents have enjoyed and expect, and, importantly, to extend the affordability, for the 15,000 residents who call Spring Creek Towers home was a major factor in moving ahead with the sale,” said Carol Deane, the General Managing Partner of Starrett City Associates that built and operated the development for more than 40 years. “We wish the residents and the new owners all success as together they take Spring Creek Towers into the future.”