MARIMAN & CO. RENOVATES ANAHEIM AFFORDABLE COMMUNITY
Top to Bottom Renovation Creates a Desert-Themed Oasis
ANAHEIM, Calif. (Feb 3, 2016) — Mariman & Co. has completed a $3.9 million dollar renovation of Pebble Cove Apartments, a garden-style two-story 112-unit affordable apartment community located in West Anaheim. Originally built in 1964, the community was acquired, rehabilitated and converted from market-rate to affordable using Section 42 Federal tax credits in 1997 by the previous owner.
Mariman acquired the community in 2014 and then in 2016 used Federal tax credits and a Freddie Mac direct bond purchase program to renovate and recapitalize the aging community, according to Mariman Chief Operating Officer, Shawn Boyd
Interior renovations included totally new kitchens and baths with cabinets and countertops, vanities, toilets, flooring, fixtures, appliances, doors, acoustical ceiling removal, drywall repair, water saving plumbing features, and HVAC units. Exterior renovations included new windows, a three-color paint scheme and complete design and installation of a desert themed-drought tolerant landscape palate. Renovation of the fully occupied community was completed in less than nine months, with temporary relocation of each household of no more than seven days.
“We executed a very strategic relocation plan for our residents to ensure the least amount of impact while renovations were ongoing”, Boyd said.
The project is one of nine Low Income Housing Tax Credit communities in the Mariman portfolio in Orange County. These communities target working families earning no more than 50 or 60 percent of Orange County’s Area Median Income (AMI), $37,150 to $77,220 depending upon household size.
For more information on Mariman & Co, please visit mariman.com or call 949-673-1221.