Real Estate Developments

Aqua Vista

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Description

The subject, Aqua Vista Apartments, is an existing Section 8 development designated for families that contains 150 units, all of which are subsidized. The subject will undergo renovation. Once renovation is complete, the subject will retain its subsidies, as well as be a Low Income Housing Tax Credit multifamily development. The property is applying for an allocation of Low-Income Housing Tax Credits for 149 units, which will set the income eligibility to individuals earning 60 percent of the area median income or below and $60,600 when considering subsidy and between $36,069 and $60,600 not considering any subsidy. The property will offer one market-rate three-bedroom unit, which will be suitable for residents with incomes between $49,989 and $80,800.

Project Details

Type

Multi-Family

Status

Completed

Address

648-696 Aqua Vista Drive

City

Newport News

State

VA

Zipcode

23607

Construction

Revitalization

Start Date

10/1/2022

Expected Completion Date

12/31/2023

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Source(s):
VHDA
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          Sources:

          VHDA

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          AreaProbe is a research and advisory firm focused on housing and commercial real estate development in urban communities. Our proprietary tech platform reduces turnaround time on research and analysis projects for developers by an average of 75% relative to the market. We combine that efficient, data-backed analysis with an understanding of how different cultural groups interact with the real estate market, and what it means for developers, investors, and financiers. We also facilitate access to capital and project management services from the network we've built during more than four decades of collective experience in real estate development, finance, design and urban planning.