Redevelopment Deal to Include More than $7.1 Million in Improvements to Troubled Apartment Community
Vesta Corporation recently announced that it is undertaking the complete rehabilitation and redevelopment of Southeast Washington D.C.’s Highland Terrace Apartments, a 124-unit apartment community formerly known as The Gregory Apartments. Construction on the troubled property will begin in November and with a total development cost of $19.5million, the project will undertake a substantial renovation including green building improvements. The deal was funded through a variety of affordable housing funds and initiatives, including a FHA-insured first mortgage, tax-exempt bonds, Low Income Housing Tax Credits and funds from the Housing Production Trust Fund and the District of Columbia Sustainable Energy Utility.
With a previous vacancy rate of nearly 50%, The Gregory Apartments was not only in default on its mortgage but also in need of improvements. Vesta Corporation will devote $7.1million to the property’s 124 apartments, with significant funds being devoted to green building designs that will improve energy efficiency, including new thermal windows, energy efficient appliances and water conserving plumbing upgrades.
Highland Terrace’s 124 apartments feature two and three bedroom spacious apartment homes. Seven apartments will become 100 percent ADA compliant, featuring widened doorways, redesigned kitchens and enlarged bathrooms. Other improvements to the community will include installation of a closed circuit TV security system and construction of handicap accessible ramp systems in parking areas.
Dedicated to developing safe, stimulating communities for its residents, Vesta Corporation will add a new playground and revitalize Highland Terrace’s Community Center. The new Learning Center will feature ample office space for management staff as well as new computers with Internet access. Residents will also enjoy educational programs that will be modeled on already successful programs offered at Vesta Corporation properties in Washington D.C. and Ohio. Highland Terrace’s Learning Center will offer resident-centered learning opportunities for children and adults, including GED test preparation and a youth curriculum developed by a local non-profit education partner.