Lakeshore Village Apartments, Cleveland, Ohio
A Lakeshore Beach Apartments in Cleveland, Ohio, the motto is “Life is Better Here.”
CRS Housing Preservation closed on the acquisition of the 108-unit property in December 2008, serving low-income families with 2 and 3 bedroom apartments.
But CRS Housing Preservation did much more than simply take ownership of the property.
It invested in the apartment complex – substantially.
CRS Housing Preservation immediately began a $5.5 million renovation of the property.
CRS Housing Preservation CEO Bryan Krizek noted that the renovation of the property significantly improved the previously bland aesthetics of the property, and increased energy efficiency with both new HVAC equipment and additional wall and ceiling insulation.
“And more importantly,” commented Krizek, “this renovation added new community space and playground area, where none had existed prior to CRS’s involvement.
Lakeshore Beach Apartments offers affordable apartments with private entries and off-street parking with rents based on 30 percent of adjusted income.
Despite participating in an affordable housing program, that does not mean the property is sparse – in fact, quite the opposite.
For those who enjoy being outdoors, the location is ideal, just one block from Lake Erie and near numerous parks and walking paths.
The property also includes a community clubhouse with a large screen TV for residents, high-speed internet access, first floor laundry facilities and walk-in showers.
CRS Housing Preservation partnered with Dominium, one of the country’s largest affordable housing development and management companies, for development and management services at Lakeshore Beach.
Dominium manages more than 23,000 units in 21 states and is the fifth largest owner of affordable housing units in the country and has been in business more than 40 years.
In addition, CRS Housing Preservation partnered with Northeast Shores, a local community development corporation for the neighborhood, to provide residents with access to activities and social services. Northeast Shores works to create a better community to live, work and visit on the shores of Lake Erie.
Krizek pointed out that that CRS Housing Preservation’s acquisition and subsequent rehab of the property preserved 108 units of project-based Section 8 housing where the average income of residents at Lakeshore Beach is $13,502.
And since CRS Housing Preservation taking ownership of the property, life there has changed dramatically.
“Prior to CRS Housing Preservation’s involvement, there was significant criminal activity on the property,” said Krizek. “Today the property is one of the best in the neighborhood.”
St. James Village, Houston, Texas
CRS Housing Preservation acquired St. James Village in Houston, Texas in October, 2009, with full knowledge it was taking on a big task in hand.
“This property was one of the worst in the area with substantial criminal activity, poor management attention and a failing physical plant,” said Krizek.
But he was undaunted.
CRS Housing Preservation, again partnering with Dominium along with a Texas-based non-profit group, completed a major renovation of the property, as well as a complete management turnaround.
In fact, looking at photographs before the $8 million renovation compared to after the renovation, it’s hard to believe it’s the same property.
“Thus we have preserved for the long term 150 units of project-based Section 8 affordable housing for families needing 1,2,3, and 4 bedroom apartments,” said Krizek.
Krizek pointed out that the families residing at St. James Village earn on average less than $12,000 per year.
“So clearly this housing serves an important purpose,” he said.
St. James Village offers a convenient location to almost anywhere in Houston along with great amenities including on-site laundry facilities, a community room with kitchen and private porches and entryways.
Also, Krizek adds, more than 300 children who live there are able to enjoy playing on new playgrounds and in the community facility, which did not exist prior to CRS Housing Preservation’s involvement, where they can access the internet and take part in a variety of afterschool programs.
“CRS Housing Preservation is proud that St. James Village will serve the community for years to come,” Krizek said.
Silver Gardens Apartments, Dallas, Texas
In May 2015, CRS Housing Preservation acquired Silver Gardens Apartments in Dallas, Texas.
CRS Housing Preservation acquired the 202-unit senior property from a local non-profit organization that was not in a position to provide for the ongoing investment needed to keep the property viable, according to Krizek.
In stepped CRS Housing Preservation which was able to take ownership of the property, and, continuing its long-term relationship with Dominium, will continue to serve the senior residents who call Silver Gardens home.
Silver Garden Apartments offer studio, one and two bedroom apartments featuring spacious floor plans perfect for senior living.
Amenities at Silver Gardens include beautifully landscaped and maintained community gardens, an ideal location near shopping and entertainment opportunities, community laundry facilities, space available for resident activities, a wellness center and library.
Krizek noted that CRS Housing Preservation has extended the existing Section 8 contracts for 20 years, and hired a new management group to improve operations.
But that’s not all.
“Our plan and goal is to complete a substantial renovation of this property,” Krizek said.