RESSCO has development experience with new construction and major rehabilitation projects. In addition to market rate projects, RESSCO’s development experience also includes Low Income Housing Tax Credit projects for multifamily and single homes. We work with city municipalities, private owners and investors to turn their vision into reality. We perform all tasks from concept to completion which includes:
- Develop initial plan based on client’s vision
- Secure control of site
- Finalize site and/or building plan with architects, engineers and contractors
- Oversee construction to ensure specifications and plans are being adhered to
- Deliver project on time and on budget
Some examples of our projects include (click for more detail):
RESSCO partnered with the City of Detroit to develop homes in an area that has been losing homes for decades.
The project, Maxwell Homes, is located in the Kettering neighborhood on the east side of Detroit. It is a 30-unit 3 and 4 bedroom single family infill housing development funded by Low Income Housing Tax Credits. Most of the homes are two-story, half brick half vinyl siding with a one-car attached garage and a generous backyard surrounded by a shiny chain-linked fence.
The project has gone very well. The homes are now being offered to residents to move into the area.
Hoover Square Apartments
Hoover Square Apartments is a 342-unit apartment project located in Warren, MI. The complex was plagued with drug activity, prostitution, and larceny. The project was 60% occupied with a 40% economic occupancy. The project was also in need of major repair with numerous differed maintenance needs.
Today, the crime at Hoover has been eliminated and the differed maintenance issues have been addressed. As a result of our turnaround strategy, occupancy has always been above 80% and the project is delivering positive cash flow. The community and media recognized our improvements. The Detroit Free Press wrote a feature article on the turnaround that included several positive testimonials from residents and local authorities. The project is well on its way to delivering the projected 18% IRR to investors.
The Covington Apartments is an 80-unit apartment project located in Ypsilanti, MI. Before RESSCO’s ownership and control, the project was a constant nuisance to the City of Ypsilanti. Crime and loitering were commonplace and many residents in the surrounding neighborhood were afraid. The project was also neglected, had many differed maintenance issues, and an economic occupancy at the time of purchase of only 30%
Today, the Covington is a beautiful building that has no resemblance to its negative past. The new image has served as a model to other owner/developers that have since completed similar rehabilitation projects. Crime is no longer an issue and the surrounding community has nothing but praise for RESSCO’s efforts. Due to the great location and RESSCO’s effective policies, the occupancy rose to 80% in 5 months! The property is currently 90% occupied and well on its way to delivering the 18% IRR that was promised to investors.