$35.8M Newport News affordable housing redevelopment begins
BLVD bought, renovating 150-unit Aqua Vista Apartments
The BLVD Group has acquired and started renovations on the Aqua Vista Apartments in Newport News, the Los Angeles- and Dallas-based company announced Tuesday.
BLVD expects development costs, including the property purchase and “soft costs” like engineering and design, to total more than $35.8 million. A BLVD-affiliated limited partnership, Aqua Vista LP, bought the property in December 2022 for $14.6 million, according to property records.
Built in 1970, Aqua Vista Apartments is a 150-unit affordable housing complex located at 648 Aqua Vista Drive. After the redevelopment, all units will be reserved for individuals and families with incomes of 60% or less than the area’s median income through 2072.
BLVD and Virginia Housing have partnered on the project, with Virginia Housing serving as a lender and providing a Low-Income Housing Tax Credit (LIHTC), and Enterprise Communities is a limited partner investor who will receive the tax credits.
“We are pleased to partner with Virginia Housing and Enterprise Community Investments to preserve and extend the affordability of Aqua Vista Apartments through a creative and collaborative 4% LIHTC acquisition,” BLVD Acquisitions Director George Saad said in a statement.
The complex has not been renovated for more than 50 years, according to a news release, and BLVD expects the redevelopment construction to total $13.5 million. The buildings’ systems will be converted from gas to electric power, and BLVD expects the property to receive an Enterprise Green Communities certification — a sustainability-focused building program created for the affordable housing sector — when complete.
The complex will also get new roofs, insulation, windows and entry doors. Each unit will have new finishes, including new appliances and flooring. The renovation plans include expanding amenities, adding a playground, dog park, business center, community room and new leasing office. BLVD plans to partner with a social services provider, Hampton Roads Community Action Program, to offer residents webinars, seminars and workshops focused on personal finances and development.
Metro Group Inc. is the project’s general contractor, and Hooker DeJong Inc. is the project architect.