THE STORY:
Park Yellowstone is a 210-unit multifamily property in Houston, Texas. Vesta acquired the property in 2016 in order to preserve this essential housing for the current residents due to significant growth and investment in the area. 100% of the units at Park Yellowstone are restricted to residents earning 60% or less of the Area Median Income (AMI). 30% of the units are occupied by residents with incomes of 50% of AMI or less.

THE VISION:
Vesta came up with a plan that included a complete renovation of all 210 apartments and townhomes. A portion of the units were transformed into ADA compliant homes. The rest of the apartments received new kitchen cabinets, counters and appliances, bathroom vanities and lighting, new flooring, and new light fixtures.

Community enhancements included a renovated leasing center, new swimming pool, new gazebo, enhanced lighting, and installation of a state-of-the-art security camera system. The community also has an on-site daycare center, as well as case management services and resident activities on-site provided by Star of Hope Mission. The nature of these upgrades involved residents to be displaced from their units in order to safely rehabilitate each unit. A Learning Center and new fitness area were added as well. The buildings themselves received new roofs and entry doors while some units had foundation repairs done. Damaged sewer lines were repaired or replaced, and air conditioning condenser units were replaced as needed.

THE RESULT:
The renovations ensured Park Yellowstone will remain a vital provider of affordable housing in the greater Houston area. The changes to the community made it possible for residents to once again be proud of their homes. Park Yellowstone was awarded the Texas Apartment Association’s Affordable Housing Award for creative and innovative initiative in affordable housing.

THE HISTORY:
800 Southern Avenue (formerly Park Southern Apartments) is a 12-story high-rise, 360-unit multifamily development. Originally built in 1965 to provide housing opportunities individuals and families who did not qualify for federal housing subsidies, 800 Southern Avenue has a rich history in the Washington Highlands neighborhood. Original funding or the community came from the city, the federal government, and private investors. The property was the jewel of the neighborhood for many years with the original owner and manager at the helm. Over the years, 800 Southern Avenue had been neglected and the interior had fallen into disrepair while the exterior was dilapidated. It was partially renovated in 2006, but those updates were not enough. It was clear that something needed to be done to bring this community back to life. The D.C. Department of Housing and Community Development transferred management duties to Vesta in 2014. In 2017, Vesta partnered with the Park Southern Residents’ Council to purchase the property with the aim of restoring Park Southern to the proud stature it once held. Recognizing the potential in revitalizing the property, Vesta and PSRC embarked on a redevelopment plan to transform it into a modern community that would cater to the needs of both current and future residents.

THE VISION:
Vesta and the PSRC’s vision for the redevelopment was to create a vibrant, energy-efficient, and modern community that would provide affordable housing opportunities to residents in the Washington, D.C. area. With a plan in place, Vesta began working with Marous Brothers Construction on the redevelopment. Every aspect of the redevelopment was thoughtfully tailored to cater to the needs of both current and future tenants. While apartments were renovated, residents were relocated on-site to temporary apartments; alleviating the stress of having to move off-site. Vesta managed in-house the relocation process, while also providing moving services for residents to ease the temporary relocation process.

No part of the building was left untouched. The apartments were reinvented from the ground up; including new flooring, cabinetry and countertops, energy-efficient appliances, new windows and entry way doors, LED lighting, and energy efficient plumbing fixtures, as well as brand new HVAC systems that allow residents greater control of their unit temperatures. The building’s mechanical systems underwent a complete transformation, involving the installation of a new boiler system and the addition of solar carports to harness clean energy for the community. The main lobby also underwent a restructuring, optimizing the leasing process and ensuring privacy for tenants and prospects.

The solar carports not only contribute to environmental sustainability but also offer tenants the opportunity to partake in a Solar for All program, leading to reduced electric bills. A captivating mural, designed by a local artist, graces the main lobby, symbolizing the beauty of the neighborhood and its residents. Additional conveniences and security measures were added to the community and a new mail room that includes a package locker system was installed., controlled fob access to all entry and exit points of the building. Laundry facilities were also upgraded complete with smartphone notifications for completed cycles. The community also boasts new recreational spaces, including a playground, basketball court, and ample green areas for relaxation and leisure. A Resident Services Coordinator is also on site to provide services and programs for residents year-round.

THE RESULT:
With over $87 million invested in the project, every aspect of the building was meticulously redesigned and upgraded to meet contemporary standards. The goal was to not only restore the building but also revitalize the entire neighborhood, preserving its history and culture while providing a high-quality living experience for its inhabitants. Vesta was successful in completing the redevelopment on time during the global pandemic.

The transformation of this community represents a shining example of what can be achieved when residents and industry leaders collaborate to invest in infrastructure. The entire project preserves and honors the rich history and culture of the neighborhood while providing an upgraded living experience for its inhabitants. The improved aesthetics have positively influenced the perception of the area and instilled a sense of pride among residents, fostering a positive and uplifting atmosphere throughout the community.

With the successful completion of the 800 Southern Avenue redevelopment project, a new chapter has been written in the history of the community. What was once a neglected and dilapidated building has been transformed into a modern and vibrant living space that meets the needs of its residents. The vision of Vesta and PSRC to revitalize the property has been realized, resulting in a remarkable transformation that has far-reaching effects on the neighborhood.

THE STORY:
In a city ever changing, Beechwood Gardens has been a constant for residents in the Edgewood neighborhood of New Haven, Connecticut. As the city continued to see booming investment over the years, quality affordable housing felt scarce to many residents. Built in 1955, Beechwood Gardens sits on over three acres and includes 82 apartments that have provided affordable housing for decades. The community saw minor renovations in the mid-80s. A new owner, developer, and manager was needed at the community in 2014 after the long-term, passionate owner died. With other affordable housing communities shuttering their doors for various reasons, it was essential that a new owner preserve the
community for the future.

THE VISION:
Beechwood Gardens required extensive improvements to the property and building exteriors, as well as a complete renovation of apartment interiors. Major work identified included lead paint abatement, demolition of deteriorating garages, and the need for a new management office, that was located in an apartment and would now be in a more central location for all residents. The addition of a brand new Learning Center, with strong support by the greater community, was also included as part of the renovation plan. The vision was to complete all this work, and more, while maintaining affordability in an area impacted by gentrification.

THE RESULT:
Utilizing multiple funding sources and various partnerships, Vesta was able to begin renovations in 2017 and celebrated the completion in 2018 with an on-site ribbon cutting ceremony. Keeping with their commitment for Beechwood Gardens to remain affordable, all apartments are now subsidized with residents paying only 30% of their income in rent. Today, residents enjoy brand new kitchens and renovated apartment interiors, and have peace of mind with updated life and safety systems, including the installation of brand new smoke and carbon monoxide detectors. The landscaping and grounds are beautifully manicured and Beechwood Gardens is now a restored gem in the neighborhood and city.

THE STORY:
Situated on 34 acres in Cumberland County’s choice farmland district, Countryside Village was constructed in the 1940s to house workers of the Seabrook Frozen Foods Company. The Village consisted of 326 Section 8
apartments in 57 one-story, bunker-like buildings, which over time had become severely distressed.

The community had been rehabilitated in 1987, but the apartments were extremely small, the building systems were out of date and needed replacement, and the needs of older adults and persons with disabilities were not being met. Roads and parking were substandard, there were no community facilities and the Village was poorly designed, adding greatly to the impression of isolation and distress.

THE VISION:
Vesta set out to redefine Countryside Village, starting with demolition of the existing structures and creation of a new, viable, self-sustaining and attractive mixed income residential community. Existing residents were temporarily relocated on-site during construction. Due to a limit on the amount of New Jersey tax credits that could be awarded to a project in one year, the redevelopment was completed in three stand-alone projects with separate ownership entities and financing.

The redevelopment took advantage of the size and attractive setting of the community. The master plan provided a clear and coherent road system, connecting the site to the surrounding community while providing traditional frontages for new housing, and a safer gateway in and out of the neighborhood. Vesta replaced the one-story flat-roofed structures with attractive two and three-story buildings sporting peaked roofs, dormers, and front porches using quality façade materials.

Phase I consisted of 100 new apartments, constructed and fully occupied in 2006. All apartments are affordable to families earning less than 60% of the median income in the county. Phase II consisted of the construction of 90 new, attached, and architecturally complementary apartments. The project was fully constructed and occupied by year-end 2007. Included in Phase II was the construction of a Management Center with associated laundry and community space facilities. Phase III began in the fall of 2007 and was completed in 2008. It consisted of the new construction of 93 apartments in 18, two-story attached buildings. Phase III also included a 2,048-square-foot Community Learning Center.

Because of technical program restrictions, Vesta had to opt-out of the project-based Section 8 contract for all existing apartments; therefore the new apartments are market rate affordable.

THE RESULT:
The new Countryside Village Apartments face directly onto new and existing streets with on-street parking – all geared towards promoting safe, walkable, and livable streets and blocks. Rear yards were developed to include additional parking and open space such as tot-lots and gardens. The community now offers apartments accessible to older adults and persons with disabilities. The new Community and Learning Center was strategically placed central to the entire Village, promoting an enriching and supportive community environment.

THE STORY:
Park Yellowstone is a 210-unit multifamily property in Houston, Texas. Vesta acquired the property in 2016 in order to preserve this essential housing for the current residents due to significant growth and investment in the area. 100% of the units at Park Yellowstone are restricted to residents earning 60% or less of the Area Median Income (AMI). 30% of the units are occupied by residents with incomes of 50% of AMI or less.

THE VISION:
Vesta came up with a plan that included a complete renovation of all 210 apartments and townhomes. A portion of the units were transformed into ADA compliant homes. The rest of the apartments received new kitchen cabinets, counters and appliances, bathroom vanities and lighting, new flooring, and new light fixtures.

Community enhancements included a renovated leasing center, new swimming pool, new gazebo, enhanced lighting, and installation of a state-of-the-art security camera system. The community also has an on-site daycare center, as well as case management services and resident activities on-site provided by Star of Hope Mission. The nature of these upgrades involved residents to be displaced from their units in order to safely rehabilitate each unit. A Learning Center and new fitness area were added as well. The buildings themselves received new roofs and entry doors while some units had foundation repairs done. Damaged sewer lines were repaired or replaced, and air conditioning condenser units were replaced as needed.

THE RESULT:
The renovations ensured Park Yellowstone will remain a vital provider of affordable housing in the greater Houston area. The changes to the community made it possible for residents to once again be proud of their homes. Park Yellowstone was awarded the Texas Apartment Association’s Affordable Housing Award for creative and innovative initiative in affordable housing.

THE HISTORY:
The Henry W. Longfellow School, located at 650 East 140th Street in Cleveland, Ohio was built in 1924 by Architect Walter McCornack. As the architect for the Cleveland School Board from 1914 to 1925, McCornack played a significant role in transforming Cleveland with his innovative school designs and public housing plans. For over 85 years, the Longfellow School served as an elementary school for the Collinwood community. However, the school closed permanently in 2011 and faced demolition until The Cleveland Restoration Society (CRS) stepped in and had it become a designated landmark by the City of Cleveland and added to the National Register of Historic Places. CRS worked with the Cleveland Metropolitan School District to request proposals from developers for adaptive reuse. Ultimately, Vesta was chosen to redevelop and preserve the property.

THE VISION:
The Longfellow went through many iterations before landing on the current configuration of 80 new one- and two-bedroom affordable senior apartments, spread between the historic rehabilitation of the existing Henry W. Longfellow School and a newly constructed building on the property. Vesta’s vision for the site preserved the school building by adapting the classrooms into 30 apartments and renovating the auditorium and other prominent common space for residents and staff. The redevelopment plan also included the construction of a new building on site with an additional 50 apartments and a connecting walkway providing residents easy access to amenities in both buildings without exposure to inclement weather. Seeing as McCornack was a pioneer of affordable housing in the United States as one of its first designers, it is fitting that the redevelopment of Longfellow transformed McCornack’s school into a long-lasting source of high-quality affordable housing for the community.

Longfellow, as an elementary school, was designed to foster social interactions. Longfellow’s central corridors, wide hallways, sweeping stairwells, large entryways and communal spaces cultivate interpersonal interactions; these features remain relevant and remain intact as they foster senior residents’ physical and mental health. Dedicated common areas for residents to socialize with one another have been created. These areas are located on the ends of each floor as well as in the center of the building, near the elevators.

Green spaces have been developed to give a park-like feel to the community. Longfellow’s gymnasium has been transformed to create a usable senior-focused fitness center while maintaining the fundamental nature of McCornack’s design. The space features a resilient, seamless, soft-surface walking track around the perimeter of the gymnasium. The gym also features exercise equipment designed to help senior residents maintain health and wellness/fitness. 3,000 square feet of community space and social rooms were constructed in the new building as well. This area is outfitted as a multi-service room for a multitude of social purposes including a library, game room, lounge, card room, two restrooms, and an office. Furthermore, a multi-use health room has been fabricated which allows for a third-party health care provider to conduct on-site, confidential health care examinations.

THE RESULT:
Apartments at The Longfellow offer a truly unique and unparalleled look and feel, boasting elements that cannot be replicated anywhere else. From original cabinetry and storage cubbies to the towering 12′ tall ceilings and expansive classroom windows, every detail has been carefully preserved to showcase the charm of the original structure. Despite the building’s age, the interior spaces are not only resilient but also exquisite, owing to the use of high-quality materials during construction and their meticulous restoration during the redevelopment process. The solid wood floors and quarry tile that grace the corridors and interior apartments contribute to the timeless beauty of the space, creating an atmosphere of unparalleled elegance. Additionally, the historic marble window ledges, thoughtfully preserved, not only add a touch of refinement but also provide an extra layer of insulation, shielding the interior from external noise and weather elements.

The redevelopment was a remarkable undertaking, necessitating an impressive investment of $23.7 million. To ensure the project’s triumph, an astute combination of financing sources was employed, resulting in a diverse capital stack that included 4% LIHTC tax credits, 9% LIHTC tax credits, a HUD 221(d)(4) first mortgage from Bellwether, an HDAP loan from the Ohio Housing Finance Agency, a loan from the City of Cleveland Housing Trust Fund, a HUD 202 PRAC Capital Advance Grant, and Federal and State Historic Tax Credits. One of the project’s notable accomplishments was overcoming the challenge of integrating the seemingly divergent 9% LIHTC tax credits with the 4% LIHTC tax credits, which are conventionally treated as separate entities in compliance with IRS guidelines. A creative solution emerged in the form of a condo structure ingeniously integrated into the larger development, allowing for the required differentiation. Additional applications were diligently pursued to secure all the necessary financing required for the project, including the highly sought-after Federal and State Historic Tax Credits.

Through its meticulous preservation and renovation efforts, The Longfellow has solidified its place as an integral and cherished part of the Collinwood community. Not only does it serve as a vibrant focal point, but it also actively contributes to the community’s economic prosperity. The retention and renovation of the auditorium have created a valuable gathering space for community events, fostering engagement and unity among residents. Overall, the project brings value to both the tenants and the community by preserving history, providing unique living spaces, and contributing to economic development in the area.