$202M Apartment Complex Opens Doors [CA] (GlobeSt.com)

GlobeSt.com
(8/15/2014 5:00 PM, Kelsi Maree Borland)

VENICE, CA—Aimco has unveiled its $202 million multifamily development, Lincoln Place Apartment Homes. The 696-unit development helps to supply a demand for quality housing in a low-density area of Venice. The Department of Housing and Urban Development and Red Capital Group mortgage lenders helped to finance the project.

Lincoln Place is a historic property, originally built between 1949 and 1951. Aimco began rehabilitating the 45- building site and constructing 99 new apartment homes on adjacent lots in 2012. The development made headlines at the time because it secured the largest FHA Section 221(d)(4) unsubsidized loan ever insured by the US Department of Housing and Urban Development. The loan was secured for $190.7-million loan.

Aimco was developed with sustainability in mind. By partnering with the Department of Water and Power, developers were able to reduce energy and water by 30%, using ultra-efficient LED lighting, eco-friendly landscaping and low water pressure. The building also features recycling and electric car recharging stations and high-efficiency water heaters.