FTK Construction Services, a full-service nationwide General Contractor specializing in Low-Income Housing Tax Credit (LIHTC) and Affordable Housing projects, has been awarded the contract for a preservation project for a property in Fairbanks, Alaska. The contract value for the project is $2,987,798. With this award, Alaska will be the 35th state in which FTK has completed or has in-process projects.
The property, Chenana Apartments, was built in 1977 and consists of 52 apartment homes in eight 2-story buildings. The property is owned by Steele Properties based out of Denver, Colorado, with property management overseen by their sister company Monroe Group Ltd., and the architect for this project is Benton Design Group. The project was financed with 4% tax credits and tax-exempt bonds issued by Alaska Housing Finance Corporation (AHFC), construction and permanent financing provided by Ready Capital, and tax credit equity provided by CREA.
Chenana Apartments will receive extensive exterior and interior renovations. The exterior scope of work will include roof replacement, full siding, and replacement of the existing sewer lines. Additionally, parking lot and sidewalk repairs will be completed, and a new playground will be installed. ADA upgrades for accessibility will be made throughout the community. These ADA upgrades include the conversion of 5% of the units to be fully accessible. Interior unit upgrades will include new hardwired, interconnected smoke/carbon monoxide detectors, new seismic bracing kits for the water heaters, and GFCI replacements. Lastly, substantial energy-saving features are included in the renovation. This includes installing low-flow plumbing fixtures and high-efficiency LED lighting throughout the property, reducing energy consumption and promoting sustainability.
Steele Properties, LLC is a Denver-based national real estate investment company specializing in the acquisition, rehabilitation and new construction of affordable family, senior and disabled housing rental properties.
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