Enterprise Community Development (ECD) closed on financing last month for the preservation and modernization of Hickory Ridge Place, an existing apartment community located at Hickory Ridge Road in Columbia.
ECD will soon begin the $37.4 million recapitalization and renovation with completion by December 2021.
Built in 1979, the three-story elevator building features 108 apartment homes comprised of a mix of one-, two- and three-bedroom units. The modernization program includes upgrades for both energy efficiency and improvements to enhance residents’ occupancy experience. Common areas throughout the property will also be renovated including the community rooms, fitness center and lobbies.
Three years ago, ECD acquired a portfolio of 43 properties from the Shelter Group, representing one of the single largest affordable housing preservation transactions in the country. Hickory Ridge Place is the second largest property in that portfolio and is the fourth property in the portfolio to be recapitalized, renovated and preserved.
“As housing affordability reached crisis proportions, ECD recognized that preserving these properties would be vital to our existing and future residents. With the recapitalization and refinancing of Hickory Ridge Place, ECD continues to fulfill its commitment to preserve the affordability and physical sustainability of each community,” said Brian McLaughlin, president and CEO of ECD.