$11.5 million renovation complete in Smyrna – Public invited to celebration
The public is invited to a ribbon cutting ceremony at the Imperial Garden Apartments located at One Imperial Blvd. on Wednesday, April 12, at 10:30 a.m. The event marks the completion of a $11.5 million renovation of the 300-unit affordable family housing apartment complex, which was built in 1985.
Federal, state and local officials, including U.S. Rep. Scott DesJarlais, are scheduled to make remarks at the ceremony and will help cut the ribbon along with residents and representatives from the Tennessee Housing Development Agency (THDA) and LHP Capital, the developer and manager of the property. After the ceremony, there will be a reception with refreshments and tours of the renovated apartments.
“It’s exciting to take an apartment community that is in a great location for people to live and to make it inviting and new again so that residents can be proud of their homes,” said Carey Parker, LHP Capital CEO.
LHP spent on average $35,000 to remodel each unit adding new kitchen cabinetry and modern fixtures, installing vinyl plank flooring and energy efficient lighting, and replacing the refrigerator, dishwasher, microwave, washer and dryer with brand new ENERGY STAR® appliances. Significant improvements were also made to the apartment exteriors, grounds and common areas. The complex swimming pool received a total makeover with new furniture, picnic tables and a stamped-decorative concrete deck, and the leasing office was remodeled adding a spacious new community-computer room.
Twenty-one apartments were rehabbed specifically to meet the needs of people with hearing or sight impairments as well as physical disabilities. The modifications included such items as entry door and smoke detector systems with audible and visual alarms and roll-in showers and front-controlled appliances.
To assist with the acquisition and renovation of the apartment facility, THDA made $20 million in financing available to LHP through federal tax credits and the sale of tax-exempt bonds.
“With magnificent renovation projects like this, we are changing the way people think about affordable housing in Tennessee,” said Ralph M. Perrey, executive director of THDA. “This is going to be a beautiful place to raise a family for many years to come, and we’re deeply grateful to our friends at LHP for making this transformation happen.”
The renovation, which began in late 2015, was the first for the 30-year-old complex and took about 12 months to complete, according to Carr Hagan, president of LHP Development.
“The assistance of THDA along with the low-income housing tax credit (LIHTC) program enabled LHP Development to provide the capital and other improvements to the property,” Hagan said. “It also ensures that 300 bright, new affordable rental homes will be available to families in Smyrna for years to come.”
The financing for the effort also included a $25 million Federal Housing Administration 221d4 mortgage originated by Walker & Dunlop LLC and approximately $12 million in LIHTC equity capital that was provided by First Tennessee Housing Corporation in its role as investor limited partner.
As part of the requirements of the LIHTC financing, the renovated apartments must remain affordable for people with limited incomes for 15 years. Imperial Garden has one-, two- and three-bedroom apartments and is located on Imperial Boulevard off Rock Springs Road close to downtown Smyrna.
For more information, please visit www.lhp.net or www.thda.org.
