harmony garden estates

Leasing Office

221 Sunset Drive, Alexandria, LA 71301
318-473-2148

Formerly Fairway Terrace

Formerly Green Meadow

Formerly Miracle Plaza

Alexandria Housing Authority

DETAILS:

Number of Units: 172
Total Development Cost: $23,576,245
Development Type: 4% LIHTC / BONDS / HOME FUNDS
Development Partner: Alexandria Housing Authority
Project Type: Family
Construction Jobs: 353
Permanent Jobs: 10

SOURCES:

Perm Debt: $5,375,000
Equity: $6,854,842
Developer Fee: $345,858
HOME: $2,000,000
Seller Take Back: $8,050,000
Partner Loans: $510,000

Total Sources: $23,576,245

PROJECT NARRATIVE:

Alexandria Housing Authority is transforming from public housing to affordable housing using HUD’s Rental Assistance Demonstration (RAD) program, partnered with a CHDO, Mount Pleasant CDC to sponsor HOME development funds and provide assistance with the transition in addition to a partnership with BGC. The project includes 3 sites located within Alexandria, LA. The project serves to transform properties that are aging and declining low-income neighborhoods. The sites are in residential areas. The rehab of these sites fits within other family structures, enhancing surrounding infill homes and single-family streets with home owners. The sites have 100% Project-Based Vouchers upon completing the rehab project.

Amenities & Upgrades:

  • Energy upgrade to HVAC
  • Water conservation methods
  • Bathroom renovations
  • New lighting throughout
  • Kitchen rehabilitation
  • All new appliances
  • Updated flooring

PROJECT PARTNERS

Developer:
BGC Advantage

PHA:
Alexandria Housing Authority

Architect:
DNA Workshop                       

General Contractor:
River City Builders                           

Management Company:
Standard Enterprises

Debt:
Highlands Mortgage

Equity:
CREA

Cash Collaterlized Bond:
Steifl

Bond Trustee:
Regions

UNIT COUNTS & RENTAL RATES (172 Total)

Harmony Village - 100 Units

1 Bedroom  |  Units: 20
Contract Rent: $491

2 Bedroom  |  Units: 42
Contract Rent: $588

3 Bedroom  |  Units: 28
Contract Rent: $753

4 Bedroom. |  Units: 10
Contract Rent: $576

Garden Gates - 37 Units

1 Bedroom  |  Units: 4
Contract Rent: $489

2 Bedroom  |  Units: 10
Contract Rent: $576

3 Bedroom  |  Units: 12
Contract Rent: $748

4 Bedroom  |  Units: 7
Contract Rent: $852

5 Bedroom  |  Units: 4
Contract Rent: $970

Tranquil Estates - 35 Units

1 Bedroom  |  Units: 20
Contract Rent: $541

2 Bedroom  |  Units: 15
Contract Rent: $641