The Schuett Companies Inc., a Minnesota-based company, has entered into an agreement to purchase the Patterson building in downtown Bismarck, according to the Bismarck City Commission agenda.
According to a draft letter of support requested by Schuett to be sent from the city to the North Dakota Housing Finance Agency, the company intends to purchase, rehabilitate and continue to operate the Patterson Place apartments as low-income housing.
Ron Sellnow, vice president of Tapestry Management, previously told the Tribune that the company had received and considered offers on the property at 420 E. Main Ave. several times over the past four to five years but those negotiations ultimately ended when the proposals were deemed too low.
If this sale were to go through, the buyers would inherit the seven or eight years left on the property’s Section 8 housing contract, which makes the building a home for low-income individuals.
The building has 117 units, of which Sellnow said only two or three are vacant.
“As our community continues to grow, it is essential to retain vital assets such as Patterson Place to meet the varied needs of our citizens,” City Administrator Keith Hunke wrote in the draft letter.
The letter also mentions a coupling of health care services, called CompassionCare, with the property, which Hunke called an asset to the community that “increases the chance of residents maintaining their housing, prevents future homelessness, improves health outcomes and decreases use of public funds.”
CompassionCare was founded by The Schuett Companies in 2011 to deliver care to residents in a number of its properties.
“Our goal is to provide as much help and care a client needs to remain living independently and in their home as long as possible,” the company’s website says.
The services provided include housekeeping, laundry, meal preparation, medicine administration, well checks, incontinence care, grooming, bathing assistance, assistance with dressing, shopping, transportation and incidental nursing.
The Schuett Companies Inc. manages 16 multifamily properties with about 1,100 affordable housing units for seniors and individuals throughout Minnesota and has been in operation for more than 40 years.