Acquisition / Substantial Rehabilitation

Target Market:

Multi-Family Rental Apartments -- (73% Low Income Housing Tax Credit / 27% Market Rate)

Project Narrative:

The Barclay Terrace project is the second phase of the Ames Lake Neighborhood redevelopment. The Barclay Terrace buildings, which were originally built in the 1960's, had multiple owners and were in desperate need of repairs. The substantial rehabilitation plans call for the removal of one of the eight buildings and the combination of two 1-bedroom units into a two story 3-bedroom unit. The end result will be a reduction from 96 one and two bedroom units to 77 one, two, three and four bedroom units.

Services Provided:

Property Acquisition
Project Administration
Design / Construction Supervision
Tenant Relocation
Project Marketing
Property Management

Project Data:

$11,218,000

2 1/2 Story Walk-up Apartments

77

7

2.56 Acres

Unit Information:

2 Bedroom

42

888 sq. ft.