Decatur is a small, rural town located in Meigs County, Tennessee. The town has a population of fewer than 2,000 residents, but has seen consistent growth over the past several years. While most of Decatur is made up of land, there are multiple larger cities within close proximity. Decatur offers a quaint feel and a strong sense of community for those who live there. Families make up a significant percentage of the town's residents, and there is an increased need for affordable housing options as the population continues to grow.
Stevenson Square Apartments is the rehabilitation of an existing apartment complex that now provides families earning up to 60% of the Area Median Income an affordable place to live. The property was originally constructed in 1978 and consists of 24 two-bedroom units across six buildings. The rehabilitation of this property included replacing all roofing and siding, new paint and trim, new kitchen and bathroom cabinets and countertops, updated flooring to include vinyl plank and new carpet, installation of new bathroom tubs, and appliances that are Energy Star rated.
Acquisition/Rehab: 24 Units
Private Equity Investment: $3,308,964
Local Jobs Supported: 14
Local Government Revenue: $68,177
The developer for Stevenson Square Apartments was Woda Cooper Development, Inc. Beginning in 1990, the company has utilized the Low Income Housing Tax Credit (LIHTC) program to develop over 250 affordable housing developments in thirteen states. Nationally, Woda Cooper Development is the sixth-largest affordable housing developer. The property is managed by their property management firm, Woda Management & Real Estate, LLC.
Stevenson Square Apartments also features a standalone building that houses the management office as well as a laundry facility for all residents. Exterior and landscaping renovations included the replacement of the existing playground equipment, repairing sidewalks that are deteriorated or non ADA compliant, and milling/repairing the top layer of asphalt in parking areas. The updates made to Stevenson Square Apartments will allow the property to offer families a safe and affordable housing option for many years to come.