In October 2017, SAA|EVI purchased St. Luke Apartments located in Henrico County, VA. Built in 1982, St. Luke Apartments is an existing 496 unit affordable housing garden style apartment community. SAA|EVI financed the closing with equity and a $42,500,000 bridge facility from Redstone Partners. SAA|EVI are overseeing current renovations at the property which include selective new kitchens as well as siding and deck repairs while a substantial renovation program is currently being designed. The planned substantial renovations will include new community facilities, playgrounds, renovations of all units, system updates, and improvements to landscaping and as well as access and functionality improvements to the grounds and roadways throughout St. Luke Apartments. SAA|EVI are pursuing a re-financing strategy to complete full scale renovations utilizing 4% LIHTC’s and Tax Exempt Bond Financing. Construction is expected to start in 2018. Total project costs are anticipated to exceed $100 million.
