Farmington Place

Farmington Place was purchased in March 2017. The six-story, 153-unit senior Section 8 property is located in Farmington, MI (Detroit-adjacent), and includes a library, central laundry facilities and off-street parking. The Fund secured this purchase off-market as part of the Forest City Portfolio acquisition, and was able to secure a mark-up-to-market at acquisition, resulting in a 14% increase in revenue which allowed for immediate improvements to the property.

The Fund plans a long-term hold of this asset. The capital budget predominantly consists of minor repair items with some longer-term replacements including windows and appliances which can heavily contribute to the greening plan. The Fund completed an elevator modernization project in 2018.

The Fund is implementing green improvements to achieve Enterprise Green Communities Certification. Improvements include low-flow toilets and fixtures, LED lighting upgrades, CO2 detectors and mechanical adjustments. This work will be paid a portion from replacement reserves and then operations.

The Fund provides a Communities of Opportunities program including a community garden, bike racks, social events and local transportation for residents.