Southwood Apartments involved the acquisition and rehabilitation of an existing government-subsidized/market-rate apartment community originally constructed in 1972, consisting of 194 garden-style homes in 49 two-story, walk-up residential buildings.
Common area amenities include the new community building housing, the on-site leasing office, community space with kitchenette, laundry facility and computer center. Additionally, the existing community pool was filled in and on site additions included a splash pad, playground, barbeque and picnic area, and gazebo. Off-site parking is provided to residents at no extra cost. Social services are provided on-site and include after school programs, literacy programs, social and recreational programs, and on-site health classes.
This property was financed using the Low-Income Housing Tax Credit (Housing Credit). Financing for Southwood Apartments was facilitated by R4 Capital and R4 Capital Funding. The developer is The Hampstead Group, Inc.