SAVANNA LANDING APARTMENTS
Savanna Landing Apartments involved the acquisition and rehabilitation of an existing multifamily residential community consisting of 336 homes within 14 three-story (the first floor is partially below ground level) residential buildings and one clubhouse that includes a leasing office and other amenities. The property was originally constructed in 1975, and 335 of the 336 homes benefit from a Section 8 Housing Assistance Payments Contract for a renewed 20-year term beginning upon closing in August 2016. The property had not had significant improvements since its construction 47 years ago.
The property was developed using the 4 percent Housing Credit by Millennia Housing Development with financing facilitated by R4 Capital, LLC. The development serves individuals earning 60% and below Area Median Income. Eighty-four homes have three bedrooms, 84 homes have one bedroom, and 168 have two bedrooms. Common area amenities include a community room with kitchen, swimming pool, two playgrounds, laundry facilities, fitness center, parking spaces, security personnel, video surveillance, and on-site management. These amenities received significant upgrades during the rehabilitation, including an expansion of the community center to accommodate additional residents. Apartment upgrades included installing new interior doors, the replacement of kitchen cabinets and counters, installing kitchen ranges, appliances, and flooring throughout, kitchen and bathroom faucets and fixtures with low-flow fixtures, furnaces, heat vents, and more.
All utilities are paid by the property, and as of June 2022 the property was 97% occupied. Helping Hands, a local nonprofit support organization, provides social services at Savanna Landing at no cost to the residents or property. The services provided by Helping Hands includes transportation of tenants to outreach programs, donation distribution to residents in need, family movie nights in the community room, adult bible study, grocery delivery on an as needed basis, back to school outreach events, and many additional community assistance endeavors and outreach programs.
Residents benefit from local amenities including Johnson Park, a Kwick Stop Convenience Store, R&R Grocery Store, Heart-Angel’s Family Childcare, Kingdom Kids Childcare and several local restaurants. Also nearby are two Tulsa City Bus Stops which provide connections throughout all points within Tulsa, including the downtown business district, six days a week with day and nighttime service available. Schools are located between 0.6 and 5.6 miles from the property.
This property was made possible by the Low-Income Housing Tax Credit (Housing Credit).