6741 E. Tanners Creek Dr.
Norfolk, VA 23513
Acquisition, Moderate Rehab, Multifamily
Garden Apartments (37 buildings)
The acquisition of Woodmere Trace in September 2013 constitutes Enterprise Community Development's inaugural redevelopment investment in the Hampton Roads area of Virginia.
Built in 1975, Woodmere Trace is a 300-unit community consisting of 37 garden-style apartment buildings. The acquisition was a key milestone in implementing Enterprise Community Development's (ECD) strategic plan to expand into Hampton Roads, Richmond, and Baltimore.
The acquisition and renovation of Woodmere Trace were financed through a Real Estate Investment Trust (REIT). The Housing Partnership Equity Trust, or Equity Trust, is a social purpose REIT committed to increasing the stock and improving the quality of affordable and workforce housing across the country.
Equity Trust was established with $100 million in investments from Citi, Morgan Stanley, Prudential Financial, the John D. and Catherine T. MacArthur Foundation and the Ford Foundation for the purpose of investing in multifamily properties in partnership with 12 nonprofit housing providers, including Enterprise Community Development.
The total development cost for the project is $20.7 million. The financing strategy included 95 percent of the funding from Equity Trust, in which Community Housing, Inc. (ECD's Real Estate arm) has an ownership interest. Community Housing, Inc. contributed equity to finance the remaining five percent.
ECD completed moderate renovations in 2014, including full kitchen and bathroom rehab, roof and HVAC replacement as needed, improvements to exterior stairwells and landscaping throughout the site.
Woodmere Trace provides needed workforce housing in the central part of Norfolk. The community is close to the Norfolk International Airport, downtown, large employment hubs and two major thoroughfares.
100 percent market rate
Type / # Units / Density
1 BR / 124
2 BR / 176