Details
Type: Family Acq/Rehab
Location: Pennington Gap, VA
Year Developed:
Status: Complete
Units: 36
TDC: $2.96 million
LIHTC Equity: $1.34 million
Sources of Funds:
VHDA - SPARC Loan & 9% LIHTC
USDA-Rural Development - Section 515 Direct Loan
Project Team
General Contractor Burwill Construction Architect AES Architect Equity Investor Michel Associates Management Severn Management Company Developer Edwards & Layfield Development CompanyDescription
Stonegate Apartments is an acquisition and moderate rehabilitation of an existing 36 unit USDA Rural Development community that was originally built in the 1980s. The project underwent a rehabilitation in 2005 with a scope of work that included new kitchens, appliances, mechanical systems and many energy efficiency upgrades. The project exterior enhancements included new landscaping, new paving and site-wide ADA compliance.
