- Renovations included new roofs, boilers, windows, kitchens, and baths.
- Residents were housed in available units in the building during construction to avoid displacement.
- Wavecrest facilitated rent-ups for all vacant units after renovations.
- HPD provided a loan through the Participation Loan Program (PLP).
- The property was purchased in a joint venture with Banana Kelly.
Located in the Morrisania neighborhood of the Bronx, the scattered site property at College Avenue was an extremely distressed property on the Public Advocate’s Worst Landlords List. The three, 21-unit buildings had a 20% vacancy rate; more than 700 open building violations for a variety of issues including a lack of heat and hot water, toxic mold, and infestations; and was in desperate need of stabilization.
In a joint venture with Banana Kelly, Wavecrest purchased the property in January 2013 and collaborated with residents to prepare a scope of work with a comprehensive plan to avoid displacement during renovations. Using a strategy called checker-boarding, residents were moved to vacant apartments within the building while their units were being renovated, avoiding any possible displacement and minimizing disruption to their daily lives.
Wavecrest values a trusting relationship with residents prior to, during, and after construction, leading to the successful transformation of the College Avenue site. The team continues to meet regularly with tenant leadership and individuals to relieve any concerns. Today, College Avenue is a well-functioning, profitable asset and a safe place that residents are happy to call home.