WinnCos. Eyes $19M Rehab for NJ Affordable Community
- Aug 03, 2017
WinnCompanies has acquired Bridgeton Villas Apartments, a 156-unit affordable housing community in Bridgeton, N.J., and has broken ground on an $18.7 million rehabilitation.
“Our purchase and rehabilitation of Bridgeton Villas will not only significantly improve the quality of life for residents, but also will preserve it as affordable housing for the next three decades,” Larry Curtis, WinnDevelopment’s president, said. “We could not be more pleased to team up with Gateway Community Action Partnership, the City of Bridgeton, and the State of New Jersey to transform this property into a high-quality community with modern amenities and services.”
Originally built between 1966 and 1969, Bridgeton Villas comprises eight buildings housing 28 one-bedroom, 92 two-bedroom, and 36 three-bedroom units with an on-site leasing and management office.
The anticipated modernization of the community includes improving energy efficiency and expanding the services available to residents.
Phase I of the rehab will consist of the improvement of five buildings and 100 units. This will include mechanical system upgrades and complete kitchen and bathroom overhauls, including the installation of EnergyStar appliances and sustainable plumbing fixtures.
Exterior improvements are also planned and will include the beautification of building facades, new entryways, complete roof replacement, landscape work, and parking lot repair.
“This project stands out for a number of reasons that are good for Bridgeton, its residents and the South Jersey community,” Stephen M. Sweeney, president of the New Jersey Senate, said. “It starts with putting men and women to work in good-paying jobs that will be an immediate benefit for the economy. The longer-term benefits include the quality of life for the individuals and families who will live here, the availability of affordable housing and the modernization and improvement of the housing infrastructure.”
Five of the units will be brought up to ADA compliance and 10 units will be set aside as Special Needs housing for homeless individuals and families. Winn will partner with Gateway Community Action Partnership to deliver supportive services for residents of these units.
Gateway has a long history of housing and community development in the City of Bridgeton, including building Orchard Glen Homes, eight affordable, first-time homeownership properties.
“While obtaining a home is a part of the American Dream, not everyone is ready nor desires to own a house,” Edward Bethea, Gateway Community Action Partnership’s executive vice president & chief operating officer, said. “However, everyone should be entitled to have a safe, efficient and high-quality living environment. This development is overdue for a major infusion of capital and we are happy to partner with them to make this happen.”
This is WinnDevelopment’s third New Jersey acquisition in past 18 months. Occupied rehabs have been completed on City Crossing (formerly Brunswick Estates), a 131-unit affordable community in Jersey City, and The Cove at RiverWinds, a 199-unit market rate community in West Deptford.
Financing for the project is being provided by: HUD; NJHMFA, through Low Income Housing Tax Credits, the Special Needs Housing Trust Fund dollars, and construction and permanent tax exempt bond financing directly purchased by Citi; and a Multifamily Catalyst subordinate loan from Citi. Equity is being provided by Aegon Capital Management, while the City of Bridgeton is providing a tax abatement.
Image courtesy of WinnCompanies