Meeting Sellers' Needs

Oakland Village | Richmond, VA

  • Units: 100
  • Total Development Cost: $6,060,000
  • Total Development Cost Per Unit: $60,600

Oakland Village was constructed in
1976 utilizing state agency uninsured section 236 loans coupled with a RAP contract covering 91 of its 100 units. The transaction included a simultaneous closing of a second property with the same seller.

To satisfy the seller’s demands for a quick closing, we closed on the property with bridge financing, then later sought and won a reservation of 9% LIHTC which were used to take out the bridge financing. Other permanent financing included the assumption of state-agency 236 loans and associated IRP as well as a new subordinate reduced-interest loan.  

Whether we're negotiating
complex finance deals
or setting up resident mentor programs,
Atlantic American Partners
oversees every phase
of a revitalization project.

Reduced Operations Cost

One measure undertaken to further this goal, was the installation of a system that enables the on-line viewing of each unit’s water consumption. This capability, coupled with the installation of water-saving toilets, showerheads and faucet aerators, a tenant education campaign, and a vigilant site staff has resulted in an over 50% reduction in water and sewer usage. The reduction of over 12,000 gallons of water per day being used by the property makes a dramatic improvement in the property’s environmental impact and also helps the financial bottom line with water and sewer cost savings of over $29,000 per year. In addition, we were successful in obtaining a U.S. DOE Weatherization grant to improve the energy efficiency of the townhomes, which reduced residents’ utility costs and increased the comfort of their homes.

Meaningful Supportive Services

Oakland Village has partnered with Henrico County’s Mental Health and Developmental Services department to operate the County’s largest CONNECT program at Oakland Village’s on-site community center. The CONNECT program provides an array of services that promote healthy behaviors and lifestyles to support healthy youth development. Some of the programs available to residents at Oakland Village’s community center include: homework assistance, mentorship, life skills training (evidence-based programs), substance abuse refusal skills, conflict resolution and problem solving, socialization skills, cultural and recreational opportunities, career development and employment opportunities and youth leadership development.