ST. LOUIS — LEDG Capital has begun a $5.5 million renovation of Ridge Crest Apartments, an 84-unit affordable housing community in the Marine Villa neighborhood of St. Louis. The project will preserve the apartments as affordable housing for the next 30 years. The 12-month renovation effort will update all units at the 60-year-old community, address the capital needs of its three buildings, improve amenities and strengthen security at the property. The project will also continue to support an ongoing program of supportive services, after-school enrichment and community events.
The Industrial Development Authority of the City of St. Louis provided private activity bonds to support the renovation effort, while the Missouri Housing Development Commission approved Low-Income Housing Tax Credits and the U.S. Department of Housing & Urban Development approved a new project-based Section 8 contract. Citibank NA served as the primary lender, and Walker & Dunlop Inc. was the equity partner.
Interior scope upgrades will include new cabinets and countertops, vinyl plank flooring, kitchen and bathroom fixtures, appliances, interior paint, new HVAC and water heating systems, new LED lighting fixtures and mobility upgrades to five units. The exterior scope of work will include reroofing all buildings, replacing gutters and downspouts, repairing siding and brick façade, repairing aging water and waste lines, repainting building exteriors, improving and repairing landscaping and parking lots, upgrading security cameras, vehicle gates and fencing, installing a new playground and improving handicapped accessibility.
Property management at Ridge Crest will be overseen by WinnResidential, the property management arm of WinnCos. Langerman Construction and Benton Design Group make up the project team.