Davies South Terrace entailed the rehabilitation of 124 units of occupied affordable housing for families in a campus setting. Surrounded by green lawns, shade trees and rolling hills, the complex is within walking distance to an elementary school, houses of worship and other town amenities.
This interior and exterior complete rehabilitation project features 124 apartments grouped in 7 two- and three-story buildings, clustered around a central open commons area. Ample parking areas, walkways and separate entrances offer residents convenient access to their apartments.
The wood-frame buildings feature sheltered entrances and staircases, new vinyl siding and windows for easy maintenance and textured shingled roofing. Interior renovations include new wood cabinets and appliances for the kitchens, low maintenance tile and modern fixtures for bathrooms and new flooring throughout each apartment.
Although the project itself was a straightforward rehabilitation of an aging complex, Mountco sought to take the project one step further by creating a financing package upfront that would not only fund the renovation but maintain the property going forward. Drawing on multiple resources including a bond issue and tax credit allocation, Mountco was able to attract the necessary funds to achieve that goal.
Mountco’s development team worked very efficiently and successfully, having completed several previous projects together. Always a challenge, Mountco performed the renovation work with tenants in place, completing the project in less than one year. Mountco’s constant communications with, and coordination of, all involved parties kept disruption of residents to a minimum.
“Deciding to sell Davies South Terrace to Mountco was not an easy decision, but it has turned out to be the right one. Mountco had done everything it promised: it completely renovated the development, obtained an extended Section 8 contract to protect the tenants, and worked closely with our Board, the management company, and our tenants to make the transition as smooth as possible. We could not have chosen a better group to work with than Mountco.”
Reverend Erik Fjeldal, President, Unity Interfaith Housing Development Fund Company