Project Impact
Tranquility at the Lakes has been an important part of a long-awaited revitalization plan for the Burton Station neighborhood in northwest Virginia Beach. Established by freed slaves over a century ago, the Burton Station community is rich in local history. Residents with deep ties to the land can point to roads named for their relatives and many have settled into homes passed down from generation to generation. But the neighborhood has also struggled for years with lack of connection to basic utilities and services.
Long-time residents fought for public improvements that would ensure the health and sustainability of their community, and in 2009 the neighborhood was designated a Strategic Growth Area by the City of Virginia Beach. The construction of the Tranquility at the Lakes Apartments coincided with City plans to make capital improvements in this area and an effort by the Virginia Beach Department of Housing and Neighborhood Preservation to find ways to support an aging population.
The new construction features 40 independent living apartments for low-income seniors, developed by Community Housing Partners Corporation in collaboration with Seniors Unlimited Lifestyles, Inc., a nonprofit organization based in Hampton Roads with a mission of providing affordable housing and supportive services to low-income seniors. The development meets EarthCraft Platinum Certification and VHDA’s Universal Design standards.
Through the Housing Equity Fund of Virginia XIX, L.L.C., VCDC provided $4.25 million in LIHTC equity investment as well as technical assistance to the first-time developer Seniors Unlimited Lifestyles, Inc.
Location:
Virginia Beach, VA
Date of Closing:
June 2016
Development Partner:
Seniors Unlimited Lifestyles, Inc. and Community Housing Partners Corporation
Total Units:
40
Project Cost:
$7,517,330
Private Equity Invested:
$4,250,000
