Azusa, Calif.
Built in 1971, Azusa
Apartments in Azusa, Calif., was at risk of losing its affordability when Community HousingWorks stepped in to acquire and rehab the property.
In addition to rehabbing the apartment units, Community HousingWorks redesigned an underutilized community building, adding a new computer center. This
has allowed the developer to bring in resident services, including an
after-school program. ICON Builders was the general contractor on the project.
The
property, which received new roofs and a photovoltaic system, has seen a 27%
reduction in energy demand and a 34% reduction in water use.
Community HousingWorks was able to act quickly to acquire the 88-unit property. “We’ve been focused on building our equity resources so we
can act in a fast, market-driven manner but then take the time to do a very
complex, very thorough execution that is the best thing for the ultimate
preservation of the asset and the residents,” says Dave Gatzke, vice president
of acquisitions.