Bayou Gardens RAD

Recently Closed

Bayou Gardens RAD

Alexandria, LA
Number of Units: 64
Total Development Cost: $13,108,655
Development Type: 9% LIHTC
Development Partner: Alexandria Housing Authority
Project Type: Family

Sources:

First Mortgage: $1,571,282
Seller Take Back: 
$1,044,218
HOME: 
$0
Equity: 
$210,428
Developer Fee: 
$1,325,000

Total Sources: $13,108,655

Project Narrative:

Bayou Gardens RAD, LP is a 64-unit acquisition/rehabilitation project located in Rapides Parish on two separate sites (4219 Phoenix Drive and 3221 Wonderwood Drive in Alexandria, LA).   This project will be a Rental Assistance Demonstration program redevelopment effort that is working to transform former public housing into affordable housing developments that will serve a broader spectrum of the affordable housing population. Project Based Vouchers will be available for 100% of the units.  The development will provide a host of “green” features as well as a major renovation of the building systems, windows, roof replacement, updated HVAC, new flooring, exterior and interior painting, new doors, lighting, new appliances, landscaping and signage for marketability, updated 504 compliance, and fully renovated bathrooms and kitchens.  The development will include enhanced community space which will allow community services designed to increase resident opportunities for self-sufficiency.  Educational programs will be geared to help renters become homeowners.   The project redevelopment will be managed by the combined efforts of BGC Advantage, LLC (master developer) and the Alexandria Housing Authority. 

Bayou Gardens is a SMART Home community. Some of the SMART features include:

  1. Smart switches and outlets for lights
  2. Smart door locks with key and key code entry
  3. Smart thermostats
  4. Motion sensors
  5. Humidity sensors

If they choose to utilize these features, residents will have the ability to control lights, thermostats and monitor entry access to their home from their smart phone or tablet. The software will also adapt to daily use for preferred temperature and light settings during various times of day. 

The property will have the ability to decrease costs by controlling vacancy lights, outlets and thermostats from a property dashboard. Sensors in the unit will also alert residents and management to possible water leaks as well as extremely high or low temperature issues.  Motion sensors will alert management to unexpected movement occurring in vacant units.  SMART features are provided by IOTAS.

Project Partners:
In addition to the Alexandria Housing Authority, our Partners include:
National Equity Fund, Inc.
Rapides Finance Authority
Cedar Rapids Bank & Trust
Louisiana Housing Corporation

And their respective legal counsel:
Coats Rose
Reno & Cavanaugh
Kraus Lam, LLC
Winthrop & Weinstine, P.A.