A 288-unit property in Lynchburg, Virginia, will undergo a significant rehabilitation, announced FTK Construction Services, a national general contractor specializing in affordable and low-income housing tax credit (LIHTC) developments.
Built in 1970, Waters at James Crossing features a mix of one-, two-, and three-bedroom apartments.
The property is owned by Atlantic Housing Foundation, a nonprofit focused on developing and preserving affordable housing for low- and moderate-income families. The organization and FTK have a long history, working together on more than 40 projects, according to officials.
At a contract value of $16.9 million, Waters at James Crossing is their largest collaboration to date, said officials. The project also includes financing partner R4 Capital, a LIHTC syndicator.
Interior renovations will include paint, cabinetry, countertops, entry doors, drywall, windows, tub surrounds, plumbing fixtures, flooring, water heaters, appliances, and more. Notable exterior renovations will include decking and roof repairs, exterior paint, new gutters and downspouts, exterior lighting, building and unit signage, railings, breezeways, accessible walkways, parking lot, and landscaping.
“One of the key components of a successful LIHTC project is to align with a client partner who is experienced, financially astute, communicative, and transparent with their objectives and challenges,” said Greg Buckley, FTK’s vice president of preconstruction and construction. “Atlantic Housing Foundation is all those things, and we very much appreciate our relationship with them.”
