Guardian Real Estate Completes Affordable Housing Rehab in Oregon
- Mar 17, 2014
Beaverton, Ore.—Guardian Real Estate Services, in partnership with HUD and Oregon Housing and Community Services (OHCS), has completed a $14 million rehab project that maintains 69 affordable homes for seniors and families in Beaverton, Ore. Without the rehab, the project’s full HAP Section 8 contract would have expired in November 2012, returning the property to market-rate status.
The property, Farmington Meadows, is in a residential area in Aloha, which is considered part of Beaverton, a city about 10 miles west of Portland. Farmington Meadows offers one-, two- and three-bedroom units, serving a population of roughly 25 percent families and 75 percent seniors. The residents at Farmington are primarily Korean immigrants, for many of whom English is a second language.
Originally built in 1982, Farmington Meadows was in need of major repairs to keep it viable for its residents. Now that the renovation work is complete, the property also meets the 30-Year OHCS Rehab Construction Best Practices and the OHCS Green Path Standards.
The renovation included a full building envelope replacement, improvements to HVAC systems to reduce moisture in units, site drainage improvements, landscaping and amenity improvements, and parking lot and walkway replacements. The apartment interiors received nearly complete upgrades with new flooring, appliances, cabinets and countertop surfaces. A brand-new community room and play structure were also added.
Portland-based Guardian Real Estate Services served as the developer, co-owner and property manager. The company’s management portfolio consists of more than 12,500 multifamily units in 220 properties, and it owns about a quarter of its portfolio. Carleton Hart Architecture was the architect for the redevelopment, and LMC Construction was the contractor. OHCS, Enterprise Community Investment and JP Morgan Chase provided financing for the project.