BGC Advantage JV to Begin $59M Renovation
In a partnership with the Housing Authority of the City of Daytona Beach, the company will rehabilitate two affordable senior living towers.
The Housing Authority of the City of Daytona Beach (HACDB) and BGC Advantage have teamed up as WM at the River LP. The partners are planning to invest $59.3 million to preserve and rehabilitate two affordable housing towers in Daytona Beach, Fla.
Owned by HACDB, the Windsor and Maley apartment high-rises each offer 150 units for senior and disabled residents.
The joint venture’s partners in the renovation process include Red Stone Equity Partners, Lument, Stifel, Bank of America and the Florida Housing Finance Corporation, according to BGC Advantage CEO Holly Knight. The project’s architect is DNA Workshop, while Orion Real Estate Services Southeast will manage the properties.
Built in 1967 as public housing, the high-rises were placed into service between 1969 and 1972. The Windsor tower currently offers studios and one- and two-bedroom floorplans, ranging from 440 to 765 square feet, according to Yardi Matrix data. Maley only has 600-square-foot studios, according to the same data provider.
The renovation project calls for updated flooring, lighting, doors and cabinetry. All kitchens and bathrooms will be upgraded, and the towers may receive updated building systems, elevators, energy-efficient appliances and storm-resistant features. The interior and exterior community spaces will house new meeting rooms for leasing, social services and resident activities. Fitness facilities, a kitchen and a library will also be available.
Located at 524 S. Beach St. and 600 S. Beach St., the adjacent towers are within walking distance of the Halifax River Marina. Several retail, dining and entertainment options are available within a 1-mile radius. Bethune Point park is half a mile southeast of the communities, while the Museum of Arts & Sciences is within 2 miles to the west.
BGC Advantage is one of the top 30 2021 multifamily development companies, with 1,486 units under construction as of June 2021.