BLVD Breaks Ground on Redevelopment of Affordable Waterfront Apartment Complex

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Apr 04, 2023, 19:36 ET

NEWPORT NEWS, Va., April 4, 2023 /PRNewswire/ -- The BLVD Group ("BLVD"), is proud to announce the acquisition and renovation of Aqua Vista Apartments, a 150-unit affordable housing community located in Newport News, Virginia.

Originally constructed in 1970, Aqua Vista is one of the most unique affordable housing properties in the country due to its waterfront location with great views of Hampton Roads Harbor and adjacent to King-Lincoln Park in Newport News. The apartment complex has not been renovated for over 50 years and will go through a $13.5 million redevelopment to enhance the community for its residents and preserve its affordability for years to come.

BLVD's Managing Principal, Robert Budman states, "At BLVD we take a thoughtful and wholistic approach to each renovation with a commitment to not only develop great physical buildings that will last long into the future, but also provide superior amenities, reduce the property's environmental impact, and in this case add resident services as well."

Aqua Vista Apartment's buildings systems will be converted from gas to electric power in order to reduce the overall carbon footprint of the property, and the property will receive a broad range of new energy and water saving features. The property will receive the Enterprise Green Communities certification when complete.

The community will also undergo significant improvements to the building envelope including new roofs, insulation, energy efficient windows and entry doors. Each resident's home will be upgraded with entirely new finishes throughout, including kitchens, bathrooms, new appliances, flooring, paint and energy saving LED light fixtures. The renovation will significantly expand amenities at the site including BBQs, a playground, dog park, business center, community room and a new leasing office. BLVD will partner with a local social services provider and utilize the new space by offering webinars, seminars and workshops to help educate the community's residents on a variety of subjects focused on personal finances and development.

BLVD's Director of Acquisitions, George Saad, states, "We are pleased to partner with Virginia Housing and Enterprise Community Investments to preserve and extend the affordability of Aqua Vista Apartments through a creative and collaborative 4% LIHTC acquisition. With the renovation of every unit, expansion of property amenities and funding of an on-site support service program, we hope to improve the quality of life for residents."

"Virginia Housing is excited to partner with The BLVD Group to bring more affordable housing units to the Newport News area," says JD Bondurant, Managing Director of Rental Housing for Virginia Housing. "The renovation of these ten buildings speaks to our commitment to revitalizing communities and bringing quality, affordable homes to as many Virginians as we can."

The redevelopment of Aqua Vista Apartments will have a long-term positive impact on the community by preserving its affordability for individuals and families whose incomes do not exceed 60% of the area's median income through 2072.

Project Team:

Developer: The BLVD Group
Equity Partner: Enterprise Communities
General Contractor: Metro Group Services
Construction Lender: Virginia Housing
Architect: Hooker De Jong Architects

Total Development Costs: $35,830,968

About The BLVD Group:

The BLVD Group is a leading real estate investment and development firm focused on multifamily housing. Through our three business lines, BLVD Capital, BLVD Impact Housing and BLVD Communities, we focus across the income spectrum providing market rate, middle income, and affordable housing. Our affordable initiative leverages supportive housing programs including Property-Based Section 8 subsidies, Low Income Housing Tax Credits, and other federal, state, local and private financing to preserve and expand long term affordable housing opportunities for low-income families.

SOURCE The BLVD Group