Originally built in 2003 as a market-priced community, the luxury apartments have a set of top-notch amenities including a resort-style swimming pool, 24-hour gym, cinema , a clubhouse and shops on the ground floor. The property also has immediate access to shops Waterford and Emerald Glen Park, a 48-acre neighborhood park with an aquatic center, sports fields and picnic facilities. As project administrator, BLVD will ensure that the property remains a class A apartment community in the future.
From now on, newly vacant apartments on the property will be made available to households earning less than 80%, 100% or 120% of the median income in the area. Rental rates for units will be affordable for each of the income categories, resulting in rental rates reduced by approximately 10% from current market rents, with a cap on future rental rate increases. In addition, no existing tenants will be moved and those with qualifying income will receive the applicable rent reductions. Rental rate reductions will provide a significant benefit to middle-income residents of Dublin, including teachers, health workers and other essential workers.
Managing Director of BLVD, Patrick Luc, says: “As a company, we are constantly striving to have a positive impact on the housing crisis. With the conversion of 390 units into an essential housing program, we are delighted that these units are now available for an increasingly vulnerable and growing population. and into the future. ”Over the past 8 years, BLVD and its subsidiaries have developed, preserved and owned a portfolio of over 6,000 units in total. Luke continues,“ However, 390 units is just a small drop. in a large bucket. We will continue to focus on finding innovative solutions until there is no longer a crisis. ”
The Dublin city support was essential to this transaction and demonstrates their commitment to the residents of their community. “I am so happy to see that the Waterford provide affordable rentals for middle and low income people, such as teachers, police and entry-level professionals, ”said a member of Dublin City Council. Sherry Hu. “This is a good example of public-private partnership; the Dublin city, Blvd Impact Housing and CSCDA. I am happy to see that the city council is able to play an important role in the realization of this affordable housing project that we so badly need. “
- Owner / Buyer: CSCDA Community Improvement Authority
- Project administrator: BLVD impact box
- Property management company: Gray star
BLVD Capital, BLVD Communities and BLVD Impact Housing are subsidiaries of the BLVD Group. BLVD is a nationwide owner, operator and developer of multi-family housing. BLVD aims to create, preserve and expand long-term housing affordability for households of all income groups. BLVD has a proven track record of successfully owning, developing and operating housing, with a current portfolio of over 6,000 apartment units in 17 states.
SOURCE BLVD Group