Woodmont Crossing Apartments
The result of TOPA: new kitchens for Woodmont Crossing residents
the Tenants Association. Woodmont Crossing was officially acquired for approximately $25 million in February 2018 and construction started on an $18 million rehabilitation of the property shortly thereafter. Rehabilitation of the property was substantially completed by December 31, 2018 and included:
• A 1,500 square foot addition to the club house • Replacement of water heaters • Replacement of HVAC units with state-of-the-art systems • Replacement of all lighting with LED fixtures • Increase in the size of the “tot lot” and addition of new equipment • Replacement of balcony decks on 15 apartments • Replacement of kitchen cabinets and countertops • Replacement of kitchen appliances with Energy Star models • Installation of over-the-range fire extinguishers • Replacement of interior doors, balcony doors, and main entry doors • Various upgrades to bring the property into compliance with the Americans with Disabilities Act
What would the alternative have been for the residents of Woodmont Crossing without TOPA? In other circumstances, the residents would have had no say in the selection of a new owner of their homes, and no influence over the scope of renovation to the property.
“TOPA offers the chance to preserve and upgrade affordable housing that otherwise would have gone to a conventional buyer who planned on putting perhaps $5,000 or so per unit into rehabilitation,” opined Neal Drobenare, Senior Vice President, NHPF, who continued, “We, on the other hand, put approximately $30,000 per unit into the renovation of the property while achieving a $2 million developer fee for ourselves. Woodmont Crossing is the definition of a win-win partnership.” Using TOPA also meant that residents were able to address with the developer, in real time, if certain aspects of the renovation were not meeting their expectations. This constant flow of communication between resident and developer made for a more holistic project, where decisions were always made in consultation with residents and never imposed from above. Through this process, an enduring trust was built between residents and developer.
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