Case Study V

Case Study V:

22^nd, 183^rd and 187^th Street Apartments

Location:
No. Units:
Financing:
Low to Moderate:
Trustee:

Miami, Florida
506
Bond Financed, LIHTC
100%
US Bank Corporate Trust

When Charter Realty Group assumed the management in December 1998, there were a number of vacant apartments. Many residents had moved from the property due to property break-ins. Charter has worked closely with the Miami Dade Police Department and the residents through an effective neighborhood watch program. The results have been highly successful.

In 2004 the property was sold and the new Owner hired CRG to continue managing the properties. In 2004, a six million dollar renovation was undertaken and was completed in 2007. The renovation program included new roofs, building repainting, installation of forced air heating and cooling systems, new clubhouses, swimming pools, landscape and parking area upgrades, and significant upgrades to the interiors of the units. He entire renovation was completed without the displacement of residents. Through Charter Realty Group’s well thought out and implemented program, the renovation was a huge success with very little disruption to the residents.

In addition, all units where certified in compliance with tax credit, LIHTC regulations. Charter Realty Group was successful in obtaining a 20 year Housing Assistance Payment contract for the properties and continues to be aggressive in petitioning HUD for annual rental increases. The properties consistently have very high occupancy and low delinquency. Cash flow has increased significantly for the investors.