NORWALK, CA-Icon Builders has completed construction of the Norwalk Tower, a 185-unit affordable senior housing complex. The 100% section-8 complex will provide seniors age 62 and older who earn 50% of the area's medium income with an alternative and sustainable housing, option.
Preservation Partners Development and Innovative Housing Opportunities purchased and renovated the property using 9% low income tax credits obtained through TCAC and a HUD 221(d) 4 loan. Additional funding was provided through equity partner Hudson Housing. The total cost of the renovation project was $12 million, which included several impressive sustainable elements like LED lights, a rooftop mounted solar thermal water-heating system, high efficiency windows and regenerative elevators.
Icon Builders led construction of the building, while Ground Floor Design led the architectural design of the property, which is located at 14141 Clarkdale Ave. The 11-story complex has 102 studio apartments and 83 one-bedroom units. Common areas and community rooms are available for residents, as well as onsite laundry.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.