CUMBERLAND — The Cumberland Arms Apartments, a 69-unit retirement facility on Liberty Street, has been sold for $4.1 million to the Hampstead Companies of San Diego, Calif., according to public land records.
Specializing in acquiring Section 8, or Housing and Urban Development, housing facilities, Hampstead also owns the 114-unit Mountain View Apartments, formerly Booth Tower, on Somerville Ave-nue, which it bought for $11.5 million.
Hampstead purchased Cumberland Arms from the Steinbach family of Pittsburgh. According to property records, the date of the closing was Aug. 2.
“The Steinbachs had it for about 30 years,” said Dellann Fultz, the manager for Cumberland Arms.
The 11,000-square-foot, six-story Cumberland Arms, the former Fort Cumberland Hotel, is home to 75 residents. Targeted to low-income seniors, the building is located at 10 N. Centre St., which is situated on the corner of the downtown mall.
The Hampstead Companies owns several residential retirement facilities across the United States.
The sale comes with a new management company. Running the day-to-day operations at the Cumberland Arms will be Edgewood Management of Germantown.
Jeannie Wilson, manager of the Mountainview Apartments, was able to talk about any changes Hampstead may bring.
“Everyone wants to know, ‘will my rent go up?’” said Wilson.
Wilson said that rents will not increase.
Residents at Cumberland Arms and the Mountainview Apartments are subsidized by HUD.
“They are going to upgrade the computer system,” said Wilson.
The new management company may add new residential programs for its occupants, according to Wilson.
Fultz said that the transition has gone well so far and that they have been pleased with Hampstead.
“They are nice people. They’re real good to work for,” said Fultz.
Greg Larry can be contacted at email@example.com.