Fairmont, West Virginia, located in Marion County, is home to just under 20,000 residents. The city boasts a tight-knit community and its residents are proud of the historic city in which they live. In 2019, the West Virginia Housing Development Fund reported that there was an overall need for more affordable rental housing across the state. The strong community and its demonstrated need for quality, affordable housing sparked the development of Gaston Avenue Apartments.
Adaptive Reuse: 20 Units
Private Equity Investment: $2,820,718
Local Jobs Supported: 17
Local Government Revenue: $83,781
Gaston Avenue Apartments is the adaptive reuse of the former Marion County Board of Education building into 20 units of affordable housing for families earning up to 60% of the Area Median Income. Originally constructed in 1903 as the Cook Hospital, the four-story building contains eight one-bedroom units and 12 two-bedroom units ranging in size to accommodate all residents. This adaptive reuse project is being developed by Gaston Avenue Associates, LLC, which is comprised of Grant Street Commons, LLC, and Luna Management, LLC. Both partners have extensive experience in the development and management of affordable housing. Grant Street Commons, LLC has previously completed a similar adaptive reuse development, Glenwood School Apartments located in Charleston, West Virginia.
The building underwent physical updates to improve the overall condition, such as the installation of new roofing, new lighting, updated fire alarm system and sprinkler system, new doors, energy-efficient windows, fresh paint, and parking lot renovations. The property is located near downtown Fairmont and is walking distance from many shops and businesses. The conversion of this building into new affordable housing units along with the location will allow Gaston Avenue Apartments to provide convenient affordable housing for families well into the future.