The BLVD Group has broken ground on the redevelopment of its newly acquired Aqua Vista Apartments, a 150-unit affordable multifamily community in Newport News, Va.
The asset traded for $14.6 million, involving a $21 million loan from the Virginia Housing Development Authority and a $1 million carry-back loan, as shown by public records. The property last traded in 2017, when Conquest Housing acquired it for $7.8 million, according to Yardi Matrix data.
The total redevelopment cost is slated to reach $35.8 million, with Virginia Housing providing construction financing and Enterprise Communities joining as equity partner. Hooker De Jong Architects designed the project and Metro Group Services serves as general contractor.
Extensive and necessary improvements
BLVD committed $13.5 million for improving the community through extensive unit upgrades including entirely new finishes, appliances, flooring and paint. The plan also involves renovating and expanding amenities such as a playground, dog park, barbecue area, community room and business center. The new owner will also add resident services focused on education by collaborating with a local social services provider.
The property comprises 10 buildings incorporating one-, two- and three-bedroom apartments ranging from 752 to 1,170 square feet. All units are reserved for individuals earning 60 percent or less of the area median income. Completed in 1970, the community has not been renovated in more than five decades, and in 2020 inspectors found maintenance violations at 145 of the 150 units, as reported by 10 On Your Side.
Located at 646 Aqua Vista Drive, the community is next to Interstate 664, roughly 10 miles from Newport News city center and some 20 miles from Norfolk. It is also adjacent to the King-Lincoln Park, which features sports courts and a fishing pier. Some 5 miles from Aqua Vista sits another affordable property from the 1970s that was recently acquired and is also undergoing renovations.
