Champlain Housing Trust buys S. Burlington apartments

A property in South Burlington is getting a new owner, and a pledge to stabilize rental prices in the area.

The Champlain Housing Trust bought the 15-acre Dorset Commons on July 31st with the goal of keeping rents stable for current homeowners despite the continuous rise in prices.

"A large number of housing units in the county have had their rents increased and people have been priced out, and so our purchase of this basically stabilizes the rents of this particular property and enables these folks to have stable rents now and into the future. So basically we have provided a level of safety and security and we again have saved these homes for moderate income folks," said the trust's Michael Monte

Adding these 105 apartments expands the Champlain Housing Trust's portfolio to nearly 3,000 units. The group hopes vacancy rates will continue to stay low with the stable rent prices.