The BLVD Group Expands Its Affordable Housing Portfolio in Woonsocket

In a notable step towards expanding affordable housing opportunities, The BLVD Group has made headlines with its recent acquisition of Rock Ridge Apartments in Woonsocket, Rhode Island. This strategic move, valued at $57 million, illustrates the company's commitment to not just developing, but also preserving affordable housing in the region.

Revitalizing the Community

The Rock Ridge Apartments project, consisting of 152 units, is set to undergo significant renovations, allowing for the creation of 30 new affordable housing units. The initiative aims to meet the housing needs of families earning between 50% to 60% of the Area Median Income (AMI). These developments are bolstered by financing through Low-Income Housing Tax Credits (LIHTC) and tax-exempt bonds issued by Rhode Island Housing, along with a permanent loan from Fannie Mae. Furthermore, funding sources extend to equity derived from renewable energy tax credits and a construction loan from Merchants Bank.

This acquisition signifies more than just a financial transaction; it represents a revitalization of a critical community asset, poised to transform lives by offering modern and energy-efficient homes. Rob Budman, Managing Principal at BLVD, emphasized this by stating, "This acquisition represents an exciting opportunity to transform a vital community asset into a modern, energy-efficient home for families in need."

Comprehensive Upgrades

The renovation plan is comprehensive, encompassing a complete overhaul of the building envelope along with full interior upgrades. Residents can look forward to state-of-the-art kitchens and bathrooms, as well as enhanced building systems integrating high-efficiency electrical and water solutions. A significant feature of the project is a 666 kW solar energy system designed to fulfill the majority of the building's energy needs, further underscoring the project's commitment to sustainability.

In addition to these upgrades, the community will benefit from new amenities, including a renovated basketball court, clubhouse, and BBQ areas, all aimed at enriching the resident experience. Such enhancements reflect BLVD’s broader mission of not only providing housing but also fostering vibrant community living.

A Leader in Affordable Housing

The BLVD Group’s strategic acquisition of Rock Ridge Apartments strengthens its position as a leader in Rhode Island’s affordable housing market. With a successful track record of over $3 billion in investments across various strategies, the firm now manages a national portfolio exceeding $1 billion in assets. This latest project is yet another example of how BLVD is delivering superior returns for investors while making a profound impact on communities nationwide.

In conclusion, the acquisition and subsequent renovation of Rock Ridge Apartments stand as a testament to The BLVD Group’s dedication to affordable housing solutions. As this initiative unfolds, it promises to enhance the living conditions of families in Woonsocket while contributing to the broader goal of preserving and expanding access to affordable housing in Rhode Island.

With a clear focus on thoughtful design and sustainability, the future for low-income communities in the area appears brighter, thanks to the efforts of The BLVD Group.