$202M Apartment Complex Opens Doors [CA] (GlobeSt.com)
GlobeSt.com
(8/15/2014 5:00 PM, Kelsi Maree Borland)
VENICE, CA—Aimco has unveiled its $202 million multifamily development, Lincoln Place Apartment Homes. The 696-unit development helps to supply a demand for quality housing in a low-density area of Venice. The Department of Housing and Urban Development and Red Capital Group mortgage lenders helped to finance the project.
Lincoln Place is a historic property, originally built between 1949 and 1951. Aimco began rehabilitating the 45- building site and constructing 99 new apartment homes on adjacent lots in 2012. The development made headlines at the time because it secured the largest FHA Section 221(d)(4) unsubsidized loan ever insured by the US Department of Housing and Urban Development. The loan was secured for $190.7-million loan.
Aimco was developed with sustainability in mind. By partnering with the Department of Water and Power, developers were able to reduce energy and water by 30%, using ultra-efficient LED lighting, eco-friendly landscaping and low water pressure. The building also features recycling and electric car recharging stations and high-efficiency water heaters.
PD&R Leadership Message Archive
International & Philanthropic Spotlight Archive
Spotlight on PD&R Data Archive
Publications
Collecting, Analyzing, and Publicizing Data on Housing Turnover
Resilience Planning: What Communities Can Do to Keep Hazards from Turning into Disasters
Cityscape: Volume 26, Number 3
Case Studies
Case Study: Former School in Charleston, South Carolina, Transformed into Affordable Housing for Seniors
Case Study: Avalon Villas Combines Affordable Housing and Services for Families in a Gentrifying Phoenix Neighborhood
The contents of this article are the views of the author(s) and do not necessarily reflect the views or policies of the U.S. Department of Housing and Urban Development or the U.S. Government.
Note: Guidance documents, except when based on statutory or regulatory authority or law, do not have the force and effect of law and are not meant to bind the public in any way. Guidance documents are intended only to provide clarity to the public regarding existing requirements under the law or agency policies.