Beaverton, OR (PRWEB) March 14, 2014
Housing costs in Washington County are among the highest in Oregon, and an estimated half of the 70,000 renting households in this county live in housing that is unaffordable. This fact alone makes the preservation of 69 affordable apartments at Farmington Meadows a reason to celebrate.
Guardian Real Estate Services, in partnership with HUD and Oregon Housing and Community Services (OHCS), recently completed a $14 million dollar rehab project that maintains 69 affordable homes for seniors and families in Beaverton, Oregon. Without the continued funding the rehab ensured, the project’s full HAP Section 8 contract would have expired in November 2012, and residents of Farmington Meadows would have simply been priced out of their homes.
“Farmington Meadows is a wonderful example of the potential for successful preservation of our state’s existing affordable housing portfolio, especially those properties with valuable federal subsidies that can stretch our limited local resources even further”, says Jessy Olson, Development Projects Manager for Guardian Real Estate Services. “Not only are rehabs a more efficient way to build green and save resources, but these properties are already a significant part of the local community, so we find a lot of value in preservation efforts and are pleased that OHCS prioritized this project.”
Originally built in 1982, Farmington Meadows was in need of major repairs to keep the community viable for its residents. The community now also meets the 30-Year OHCS Rehab Construction Best Practices and the OHCS Green Path Standards.
The renovation includes: a full building envelope replacement, improvements to HVAC systems to reduce moisture in units, site drainage improvements, landscaping and amenity improvements, parking lot and walkway replacements. The apartment interiors received nearly complete upgrades with new flooring, appliances, cabinets and countertop surfaces. A brand new community room and play structure was also added.
Project investment partners include Oregon Housing & Community Services, Enterprise Community Investment, and JP Morgan Chase. Guardian Real Estate Services serves as the developer, co-owner and property manager. Carleton Hart Architecture is the project architect and LMC Construction is the contractor.
The community is invited to the Grand Re-Opening Celebration on Wednesday, March 19 from 2 to 4pm at 4566 Southwest 160th Avenue, Beaverton, OR 97007.
Refreshments, and self-guided tours of the property will follow a short program. The celebration is open to the public and community members are encouraged to attend.
About Farmington Meadows:
Farmington Meadows is located in a quiet residential area in Aloha, considered part of Beaverton. The property includes 69 units on a 4.24 acre site, with one-, two- and three-bedroom units, serving a population of roughly 25% families and 75% seniors. The residents at Farmington are primarily Korean immigrants, for many of whom English is a second language. These residents form a close community where neighbors know each other well, and seniors take pride in their community garden plots where they grow an abundance of vegetables each year. The children here have plenty of room to play outside in the landscaped, well-designed property, utilizing the basketball court and playground in safe surroundings. The property is served by Tri-Met transit, with close proximity to light rail metro access at the Millikin Way MAX Station. Adjacent to the entrance of the property is a well-used bike and foot trail, connecting the property to the surrounding neighborhood that provides direct access to amenities and parks. For more information visit: http://www.farmingtonmeadows.com.
About Guardian Real Estate Services:
Founded in 1971 with headquarters in Portland, Ore., Guardian Real Estate Services LLC is a privately held, vertically-integrated, real estate management, investment and development firm. Guardian's diverse real estate experience offers property owners and investors a valuable combination of market expertise and services. With over 900 employees in five states, Guardian's management portfolio consists of more than 12,500 multifamily units in 220 properties. The company owns approximately 25 percent of its portfolio. http://www.gres.com.