Structure Capital emphasized quality in this affordable multifamily community
Distressed and even discarded properties can bring new life to a community with some strategic investment and foresight. That is what happened when Structure Capital sought to revive an affordable multifamily property in Memphis.
Revitalizing Multifamily Properties
Kensington Apartments had its heyday in the 1970s and 1980s before falling into disrepair. In 2010, the previous owners boarded up the buildings. The abandoned property sat unused for more than a decade – but Structure Capital principals Rocio de Ojeda, Job de Ojeda and Daniel de Ojeda saw its potential as a revitalized, affordable home for Memphis residents.
Job de Ojeda told Newsbreak:
“We specialize in taking apartment communities that are in distress in one way or another, rehabilitating them and bringing them back. It took a lot of people in the Memphis community to help us make this happen, including Mayor Strickland, MLGW, community leaders and members.”
The company invested $19 million and two years in rehabilitating and completely renovating the property. The team pulled out the overgrown vegetation and re-landscaped the exterior. All apartment homes received a major overhaul to include central heating and air, granite counters, walk-in closets and wood-look vinyl flooring.
Memphis Mayor Jim Strickland noted that Memphis needs 20,000 to 30,000 new affordable housing units, and the addition of 558 units at the new Kensington Manor represents a great start.
Kensington Manor rents start at $829 for a 620-square-foot one-bedroom apartment and go up to $1,300 for a 1,470-square-foot four-bedroom unit. In the Memphis area, the average price of a four-bedroom apartment can range up to $2,586 per month – well out of range for many families.
The community’s property manager, Markeena Edgeston, said that she plans to focus on building a sense of “health and harmony” among the residents. She notes that creating a safe and strong multifamily culture at one property can help make a difference in the broader community.
Focusing on Residents
Affordable apartment communities can offer a sense of quality and care without breaking the bank, as Kensington Manor illustrates. Touches like clean, well-maintained landscaping and LED lights above unit doors can help residents feel safer, as one resident told Newsbreak. Climate control and upgraded finishes in units help residents feel more at home.
In addition, resident communication remains paramount. On-site staff should create multiple opportunities for two-way communication as well as chances for residents to meet and gather. Building a community does not stop at the physical renovations – it continues with a property manager’s attention to resident service.
We congratulate Structure Capital on its work to turn around Kensington Manor. This effort has improved a Memphis neighborhood and has provided much-needed affordable housing for many families.
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