The BLVD Group Expands Affordable Housing Initiatives
The BLVD Group, a prominent developer and owner of affordable housing, is taking a significant step in strengthening its presence in the region with the recent acquisition of the Rock Ridge Apartments. This $57 million investment in a 152-unit community is centered around preserving and upgrading existing affordable housing. With this purchase, BLVD aims to broaden access to affordable living options for lower-income households.
Enhancing Community Value Through Development
In addition to preserving existing units, BLVD's initiative will see the creation of 30 new affordable housing units. This commitment not only rejuvenates the property but also supports families with a maximum income of 60% of the Area Median Income (AMI). This approach ensures that community members have improved living conditions while allowing them to maintain affordability in their housing choices.
Funding and Financial Strategy
The financing for the acquisition and subsequent renovations is facilitated through several channels. This includes Low Income Housing Tax Credits (LIHTC), tax-exempt bonds from Rhode Island Housing, and a permanent loan from Fannie Mae. In addition, the project will also receive equity from renewable energy tax credits and a construction loan provided by Merchants Bank, ensuring that the project is financially robust and equipped for success.
Innovative Renovation Plans
The planned renovations are extensive and designed to modernize the living space significantly. The scope includes replacing most of the building envelope and providing full interior upgrades, such as upgraded kitchens and bathrooms. Furthermore, BLVD is ensuring that the building's operational efficiency is a top priority by incorporating high-efficiency electrical and water setups and installing a 666 kW solar energy generation system to meet most of the power needs.
Community Amenities and Resident Experience
In addition to physical upgrades, the renovation plans also promise exciting community amenities. A renovated basketball court, clubhouse, and BBQ areas are set to enhance the living experience for all residents. Through these upgrades, BLVD is committed to creating an inviting community environment where families can thrive.
Positioning as a Market Leader
The acquisition of Rock Ridge Apartments underscores BLVD's position as a leader in the affordable housing sector. By revitalizing properties and increasing the number of affordable units, the company is set to make a meaningful impact on lower-income families while paving the way for sustainable development practices within the industry. Rob Budman, Managing Principal at BLVD, has expressed enthusiasm about this acquisition, viewing it as an opportunity for transformation.
Project Team Highlights:
- Developer: The BLVD Group
- Equity Partner: Merchants Capital
- Permanent Lender: Fannie Mae
- Bond Issuer: Rhode Island Housing
- Construction Lender: Merchants Bank
Total Development Costs: $56,970,105
About The BLVD Group:
The BLVD Group operates as a leading multifamily investment and development firm, focused on delivering innovative housing solutions across various income levels. With a history of successful investments totaling over $3 billion, BLVD currently manages a nationwide portfolio exceeding $1 billion in assets. Their strategic approach and industry insight empower them to achieve superior returns while creating a positive community impact.
Frequently Asked Questions
What is the focus of The BLVD Group?
The BLVD Group specializes in developing and managing affordable housing options to enhance community living standards.
How many new units will be created in this project?
This project will create 30 new affordable housing units for families in need.
What financial support is being used for the acquisition?
Funding is sourced through Low Income Housing Tax Credits, tax-exempt bonds, and loans from Fannie Mae and Merchants Bank.
What types of renovations are planned for the Rock Ridge Apartments?
Renovations include modernized kitchens, bathrooms, energy-efficient systems, and enhanced community amenities.
How does the BLVD Group support community development?
Through revitalization projects, BLVD Group aims to provide quality affordable housing while fostering community growth and sustainability.
