Hartford, CT – WinnCompanies announced the acquisition of 84 apartments grouped within 10 three-story residential buildings in Clay Arsenal in Hartford.
The acquisition of the Bedford Gardens Apartment complex marks the start of an $18.7 million effort by WinnDevelopment to renovate the historic property by upgrading brick exteriors; installing new roofs, balconies, windows, HVAC systems, kitchen cabinets, appliances, bathroom fixtures and security features; adding on-site laundry facilities and a property management office; and creating nine fully handicap-accessible units throughout the property.
“We are excited for the opportunity to preserve the affordability of this landmark property for decades to come, and to make long-term capital upgrades that will improve the quality of life for current and future residents,” said WinnDevelopment executive vice president, Adam Stein. “We are grateful for the city, the various state agencies and dedicated private partners who worked together to protect and strengthen this important affordable housing resource.”
Built in the 1920s, the apartment community has long served as naturally occurring affordable housing. The acquisition and rehabilitation project will ensure long-term, deed-restricted affordability through the Low-Income Housing Tax Credit (LIHTC) program for households whose incomes are at or below 60% of Area Median Income (AMI). Twenty-five apartments are also subsidized by project-based vouchers through a Housing Assistance Payment contract with the City of Hartford through the U.S. Department of Housing & Urban Development.
In preparation for the project, WinnDevelopment worked with the City of Hartford and the Public Archaeology Laboratory to create the Bedford-Garden Streets Historic District and secure its placement on the National Register of Historic Places maintained by the U.S. National Park Service. The renovation will be overseen by WinnDevelopment project director, Derek Hansen. When work is completed, which is expected in June 2025, the multifamily complex will be renamed Claystone Commons.
Keith Construction will be the general contractor, with The Architectural Team serving as architect. Petersen Engineering is providing engineering services. WinnResidential, the property management arm of WinnCompanies, will provide day-to-day operations at the property.
—
Numerous public and private organizations are helping to finance the acquisition and rehab of the community. The Connecticut Housing Finance Authority (CHFA) is issuing Tax-Exempt Bond financing and providing the construction and permanent mortgage, as well as a soft loan from their Opportunity Fund program. The Connecticut Department of Housing (DOH) is providing a soft subsidy from the department’s Flex program. The Capital Region Development Authority (CRDA) is providing a soft loan. The U.S. National Park Service and Connecticut State Historic Preservation Office (SHPO) provided federal and state historic tax credits. WNC & Associates is providing equity as the LIHTC and Federal Historic Tax Credit (HTC) syndicator. Eversource is purchasing the State HTC with BlueHub Capital serving as its financing partner. The Connecticut Natural Gas Corporation is providing energy incentive funding in its capacity as administrator of the Connecticut Energy Efficiency Fund.
