Jacksonville, FL – The newly renovated Campus Towers Apartments, located at 1850 Kings Road in Jacksonville, FL 32209, will mark its official Grand Opening on December 10, 2021, with a ribbon-cutting ceremony on the property.
Prominent members of the local community, including City Councilman Garrett Dennis of District 9, Former City Councilman, and current Duval County School Board member Hon. Warren Jones, and HUD Jacksonville Field Officer Director Rev. Dr. Alesia Ford Burse will be among the 50 invitees attending the Ribbon Cutting Ceremony in front of the apartments.
Developed by Smith & Henzy Affordable Group, Inc. in partnership with Campus Towers Senior Living, Inc., a non-profit organization sponsored by the Eleventh Episcopal District of the African Methodist Episcopal Church, the roughly $16 million rehabilitation project was completed in July 2021.
Professionally managed by SPM, LLC, Campus Towers consists of 192 units, 96 studio units, and 96 one-bedroom units, reserved for income-qualifying senior residents who earn at or below 60 percent of area median income (AMI). More specifically, 40 units are reserved for those making at or below 33% AMI, with the remaining 152 units reserved for those earning at or below 60% AMI. 175 units receive federal rental subsidy from The United States Department of Housing and Urban Development (“HUD”) through a 20-year project-based Section 8 contract.
The 50-year-old property underwent significant rehabilitation to upgrade every major system, including replacing all domestic water and sewer lines, electrical switchgear, windows, and PTAC units. In addition, all residential units received new cabinets, countertops, lighting fixtures, luxury vinyl tile flooring, tubs, toilets, and energy star appliances. Lastly, the entire development was upgraded to become fully ADA compliant, which is important given this is an elderly property. The community’s amenities include a meeting room/activity room with TVs and computers available for the residents and an outdoor pavilion with a TV hookup.
Funding Sources for Campus Towers include a $16.8 million construction loan from Bank of America, a $5.2 million permanent loan from Freddie Mac with Walker & Dunlop acting as Freddie seller/servicer, a $750,000 Elderly Housing Community Loan from Florida Housing Finance Corporation, a $510,000 Community Development Block Grant from the City of Jacksonville, and $17,904,468 in Low Housing Tax Credit equity from Florida Housing Finance Corporation with Bank of America as the tax credit investor.
“The newly renovated Campus Towers apartments provide affordable housing with market-rate finishes. The residents have been overjoyed by the renovations, which means everything to us as we are only as good as the product we provide,” commented Darren Smith, Principal of Smith & Henzy Affordable Group. “This was a thorough project-wide rehabilitation consisting of substantial improvements to the units, parking lots, building exterior, and clubhouse rooms. It was an honor to develop this project, and we look forward to a long and fruitful future for Campus Towers.”
About Smith & Henzy Affordable Group
Smith & Henzy is a real estate development firm devoted to creating affordable housing opportunities across the county. We are committed to creating affordable housing that strengthens communities, has a lasting impact, and that residents are happy to call “home.” Our vision is to develop communities that serve the greater good, moving us collectively toward a healthier, more robust, and more sustainable future.
Our mission is to create and preserve affordable housing opportunities for every household that, in turn, serve as the foundation for vibrant, lasting communities. In pursuit of this mission, our team expertly navigates the road to developing and reinforcing the country’s affordable housing stock. For more information, please visit www.smithhenzy.com.