The first phase of two in partnership with the Richmond Redevelopment & Housing Agency has achieved financial closing
May 3-- The Michaels Organization, a national leader in residential real estate and the largest privately held owner of affordable housing in the country, announced today that three critical affordable housing resources in Richmond, Virginia, are set to undergo an extensive renovation following a successful financial closing. The $36 million modernization of the Fulton, Afton, and Bainbridge public housing communities will provide much-needed building upgrades to the apartments and community amenities, while ensuring affordability is preserved for the long-term.
“The residents of these communities deserve an exceptional living environment to call home and raise their families. With this public-private partnership, we will achieve that goal,” said Stacey Daniels-Fayson, interim Chief Executive Officer of The Richmond Redevelopment & Housing Agency (RRHA). The agency selected Michaels in 2018 to redevelop five family properties in two bundled deals.
The $36 million revitalization of Fulton, Afton and Bainbridge in the first phase totals 122 apartments between the three communities. The second phase, which is expected to close sometime in June, includes the 32-unit Stovall community and the 52-unit Randolph community.
“Michaels is grateful for the trust RRHA has placed in us to revitalize these communities and lift the lives of the residents who live there,” said Vice President Curtis Adams, Michaels’ lead developer for the revitalization.
The three properties in the first phase were built between 1971 and 1980 and have had no major rehabilitation since their original construction. Upgrades will include amenities not previously available to residents, including central air conditioning, dishwashers and washer & dryers.
The partnership between Michaels and RRHA will provide low-income residents with affordable yet high-quality housing. Richmond Family 1 will also be managed by Michaels Management and will receive social services from Better Tomorrows.
Financing for the revitalization includes $11.6 million in private equity raised through the sale of federal 4% low-income housing tax credits and $17.0 million in construction period tax exempt bonds. Red Stone invested in the tax credits. Moseley Architects is serving as the architect and Breeden Construction is the general contractor.
A groundbreaking event is planned for sometime this summer after the financial closing of Phase 2.
About The Michaels Organization: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
About the Richmond Redevelopment & Housing Agency: The Richmond Redevelopment and Housing Authority (RRHA) helps individuals and families transform their lives by providing quality housing and opportunities to develop self-sufficiency. This commitment to Richmond’s low income, senior, and disabled residents encompasses community revitalization and development that ultimately benefits all residents of the City.Back to News Next article