K & R PRESERVATION ACQUIRES THE 100 UNIT OAKWOOD GARDENS APARTMENTS IN MOUNT VERNON, NY
In March, 2019 K & R Preservation, together with Belveron Partners, acquired Oakwood Gardens Apartments, a 100-unit affordable housing property in Mount Vernon, NY. The purchase was transacted in an equity partnership with Belveron Partners. Purchase price for the Tudor-style apartments, located at 630 East Lincoln Avenue, was $13 million. K&R Preservation plans to invest an additional $14,500 per unit – or $1.45 million total — for a significant restoration of the six-story property, which was built in 1930. Oakwood Gardens currently receives a project-based Section 8 subsidy through a HAP contract. The contract virtually insures against vacancy risk, while supplying the community with affordable senior housing. The property will receive a significant upgrade with the repair and installation of a new roof, compactors, electrical system, and new energy efficient lighting and appliances.