The renovated Campus Towers Apartments at 1850 Kings Road in Jacksonville held its formal grand opening Dec. 10.
Developed by Smith & Henzy Affordable Group Inc. in partnership with Campus Towers Senior Living Inc., a nonprofit organization sponsored by the 11th Episcopal District of the African Methodist Episcopal Church, the $16 million rehabilitation project was completed in July.
“The newly renovated Campus Towers apartments provide affordable housing with market-rate finishes. The residents have been overjoyed by the renovations, which means everything to us as we are only as good as the product we provide,” Darren Smith, principal of Smith & Henzy, said in a news release.
“This was a thorough project-wide rehabilitation consisting of substantial improvements to the units, parking lots, building exterior, and clubhouse rooms.”
Managed by SPM LLC, the 192-unit Campus Towers comprises 96 studio and 96 one-bedroom apartments for older adults who earn at or below 60% of area median income.
Renovations to the 50-year-old property include new water and sewer lines, electrical equipment and windows. All units have new cabinets, countertops, lighting fixtures, vinyl tile flooring, tubs, toilets and appliances. The property was upgraded to become fully ADA compliant.
Amenities include a meeting room with TVs, computers and an outdoor pavilion.
The renovation was completed by Auld & White Constructors LLC and designed by Ebert Norman Brady Architects.
Renovation funding included a $16.8 million construction loan from Bank of America; a $5.2 million permanent loan from Freddie Mac with Walker & Dunlop acting as seller/servicer; a $750,000 Elderly Housing Community Loan from Florida Housing Finance Corp.; a $510,000 Community Development Block Grant from the city of Jacksonville; and $17,904,468 in Low Housing Tax Credit equity from Florida Housing Finance Corp. with Bank of America as the tax credit investor.
SPM manages more than 20,000 units of multifamily housing in 13 Southeastern states.