Related Apartment Preservation’s (RAP) representative Richard L. Hurlbert came back, at the Colonial Beach Town Council’s request, to discuss the Riverwood Apartments (RA) rehabilitation. RAP originally approached the TC in 2008 for its approval of the purchase and refurbishment of the apartment complex.
Riverwood Apartments are a low-income apartment complex between Fourth and Sixth street and Euclid Avenue and McKinney Blvd. The complex was built in the early 1980s under a Federal Grant for low-income housing. Due to the covenants of the grant, RA must remain low-income housing until 2033.
RAP plans to invest more than $2.4 million in the complex. The investment of money would update the outside, include added security measures, increase town tax revenues, and fix the interior of each unit. RA has not been refurbished since it was built more than 30 years ago. According to Hurlbert, this type of complex is normally refurbished at 15-year increments.
The list of renovations to each unit includes upgrades to the kitchen and bathroom, and replacement of water heaters and heating and air conditioning units to more energy efficient ones. Each apartment requires between $18,000 and $25,000 in improvements.