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BLVD Group Plans Overhaul for Newly Acquired Newport News Apartments
The BLVD Group has acquired Aqua Vista Apartments, a 150-unit affordable housing community located on the waterfront in Newport News, VA. BLVD plans a $13.5-million redevelopment for the property, which was constructed in 1970 and has not been renovated since then.
Aqua Vista Apartment’s buildings systems will be converted from gas to electric power in order to reduce the overall carbon footprint of the property, and the property will receive a broad range of new energy and water saving features. The property will receive the Enterprise Green Communities certification when complete.
The community will also undergo significant improvements to the building envelope including new roofs, insulation, energy efficient windows and entry doors.
BLVD’s director of acquisitions, George Saad, states, “We are pleased to partner with Virginia Housing and Enterprise Community Investments to preserve and extend the affordability of Aqua Vista Apartments through a creative and collaborative 4% LIHTC acquisition.”
- ◦Sale/Acquisition
- ◦Development
