Kinneret Apartments Get a Makeover
Regions Bank is involved in a significant renovation project for the Kinneret Apartments in downtown Orlando, a 280-unit affordable housing complex for seniors. Acquired by Fairstead in October 2022, this initiative features an $18 million investment aimed at modernizing the property while preserving its affordability. With over 98% occupancy, the complex predominantly serves low-income residents, offering amenities and community support. Renovations will include energy-efficient upgrades and senior-friendly accessibility improvements, aligning with Florida's climate goals and enhancing residents' quality of life.
- Investment of $18 million for renovations enhancing property value.
- Over 98% occupancy rate indicates strong demand for affordable housing.
- Energy-efficient upgrades support Florida's climate goals.
- None.
NORTHAMPTON, MA / ACCESSWIRE / February 8, 2023 / Regions Bank
Originally Published On Doing More Today
By Dana Obrist
Orlando's population continues to explode.
According to the most recent report from the Orlando Economic Partnership, this Central Florida city is the second fastest growing among the largest 30 cities in the United States.
And for thousands of downtown Orlando residents, Kinneret Apartments is more important than ever.
In October 2022, real estate company Fairstead announced it had acquired the two-building, 280-unit affordable housing apartment complex for seniors with financing from Regions Affordable Housing. The company has plans for an
"Fairstead is excited to continue expanding in Florida, and we look forward to preserving this critical, high-quality housing for seniors in Orlando," Fairstead CEO Jeffrey Goldberg noted in a company news release. "In working with Regions, we will invest in upgrading these homes, continue its important focus on community, and improve quality of life."
In working with Regions, we will invest in upgrading these homes, continue its important focus on community, and improve quality of life.
Jeffrey Goldberg, Fairstead CEO
The Kinneret Council on Aging (KCOA), the original owners of the property, created a wonderful and safe community for seniors to age in place, with access to health-care services and fun, engaging events. The property has become a significant part of the local community. The KCOA provides services to residents through its food pantry and exercise programs to improve wellness. Additionally, they distribute Kosher holiday meals and host celebrations for Shabbat and Jewish holidays for Jewish residents.
Preserving History and Affordability
The two existing 15-story residential buildings offer studio and 1-bedroom units restricted to 40 percent to 60 percent of the Area Median Income (AMI). The majority of the units (276 out of 280) are covered by a project-based subsidy. The apartments offer many on-site amenities, as well as proximity to neighborhood services. The property is currently over 98 percent occupied and has historically experienced strong occupancy of between 95 and 99 percent over the past three years.
The rehabilitation will feature facade and roof repairs, common area improvements, modern kitchens and bathrooms, new flooring, senior-friendly accessibility improvements, and upgraded building systems. It will also include the installation of energy-efficient appliances, lighting, and plumbing fixtures in every unit, in support of Florida's climate goals.
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SOURCE: Regions Bank
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https://www.accesswire.com/738650/Kinneret-Apartments-Get-a-Makeover
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