Guardian Real Estate Services
proudly celebrated the Ribbon Cutting and Grand Re-Opening of the Village East Apartments in Springfield, OR on October 2, 2015.
From Left to Right: Claire Seguin, OHCS; Chuck Weinstock, JPMorgan Chase; Oregon State Representative John Lively; District 12; Patrick Shea, HUD; Thomas Brenneke, GRES; Brad Bullock, CREA; Riad Sahli, GRES
Village East is an affordable multifamily community in Springfield, Oregon comprised of 42 one, two and three bedroom apartment homes. In 2012, Village East was in need of substantial repairs and replacements with significant deferred maintenance and was in danger of losing its project-based Section 8 contract. Guardian acquired Village East in March of 2012 and began working with local affiliates and government agencies to preserve the affordability and perform the much needed repairs. After bringing the property into full compliance and turning around property operations, the project was awarded tax credits in 2014 and our team quickly mobilized to launch a full rehabilitation. Renovations included new siding, roofing, insulation, windows, flooring, appliances, cabinets, countertops, kitchen/bathroom fixtures, lighting, electrical upgrades, and new ductless mini-split HVAC units in each apartment. Parking lot was re-sealed and re-striped, sidewalks were repaved and made accessible, landscaping was dramatically improved and a new playground was added for all to enjoy. Thanks to the U.S. Department of Housing and Urban Development the project-based Section 8 contract was extended for 20 years in conjunction with the rehabilitation providing stability for these families for years to come.
This project would not be possible without the partnership of many outstanding individuals, partners and groups working together to preserve affordable housing throughout the great state of Oregon. In partnership with MHT Housing, the U.S. Department of Housing and Urban Development, Oregon Housing and Community Services, City Real Estate Advisors and JP Morgan Chase, we were able to preserve and beautifully renovate 42 units that house over 50 children and their families. A special thank you to Eugene-based Cornerstone Community Housing who provide resident services tailored to our residents’ needs including financial literacy for adults and children, classes, social events and referrals to other service providers in the Springfield/Eugene area.
42 units for very low income families
2 one-beds, 36 two-beds, 4 three-beds
Total development costs: Approximately $9,000,000
Local and MWESB Participation: Nearly 50% of our subcontractors and suppliers were local // 27% of the final contract value ($3,983,147) went to MWESB subcontractors and suppliers
March 2012: Property acquired by Guardian
June 2014: Project awarded tax credits and other funding sources by OHCS
December 2014: Construction/Tax Credit Closing; HUD Section 8 contract renewed 20 years
January 2015: Renovations commence
September 2015: Project complete
Tax Credit Allocating Agency: Oregon Housing & Community Services
Rental Assistance Provider: U.S. Department of Housing and Urban Development
Equity Investor: City Real Estate Advisors
Lender: JP Morgan Chase
Other Funders: MPower Oregon
Other Partners: MHT Housing, Inc., Co-General Partner
General Contractor: LMC Construction
Architect: Bergsund Delaney Architecture and Planning
Developer: Guardian Real Estate Services
Construction Management: BC Group
Resident Services Provider: Cornerstone Community Housing
Relocation Consultant: ALMAR Contracting
We cannot thank our partners enough for joining us in preserving the affordability and improving the quality of life for our residents at Village East. We could not have done this without you.