The BLVD Group has announced the acquisition of Aqua Vista Apartments, a 150-unit affordable housing community in Newport News, Virginia.
Constructed in 1970, the complex has not been renovated in 50 years and will go through a $13.5 million redevelopment to enhance the community and preserve its affordability for years to come.
The property is unique for its waterfront location with views of Hampton Roads Harbors and neighboring King-Lincoln Park.
“At BLVD we take a thoughtful and holistic 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,” said managing principal Robert Budman.
As part of the effort, 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. Seeking to earn Enterprise Green Communities certification, the property will also receive a broad range of other energy and water-saving features. In addition, the renovation will significantly expand amenities at the site, including barbecues, a playground, a dog park, a business center, a community room, and a new leasing office.
Each home will be upgraded with new finishes throughout, and BLVD will partner with a local social services to bring new resources to residents.
The developers worked with Virginia Housing and Enterprise Housing Credit Investments on the 4% low-income housing tax credit deal, which has a total development cost of $35.8 million.
“Virginia Housing is excited to partner with The BLVD Group to bring more affordable housing units to the Newport News area,” said JD Bondurant, managing director of rental housing for Virginia Housing. “The renovation of these 10 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 median income through 2072.
Other partners include general contractor Metro Group Services and architect Hooker DeJong.
