As part of the financing deal, the Knoxville-based owner, Dayton Northland Village Apartment LTD, will be restructured under a new name. The new name has not been selected, said Tom Ford, of Ford Holdings, LLC, one of the general holders of the property.
“A lot of the things we’re doing are for safety purposes and to be friendly to the environment,” Ford said.
Interior improvements to the complex of 83 buildings at 2021 Palisades Drive will include the addition of air conditioning; new windows; drywall repair and painting as needed; along with upgrades to the heating, plumping and electrical systems.
The rehab plan for exterior work is not finalized, but will likely include new siding and repairs to porch awnings.
Since July 2009, the deployment of two sheriff’s deputies to patrol the complex day and night, has helped to reduce crime, said Ron Casey, president of the Harrison Twp. Board of Trustees, adding the owners have paid for the extra enforcement.
“I’ve lived here all my life. When I see improvements to a place that was once a real problem, I’m glad,” Casey said. “We’re very fortunate.”
The rehab work is expected to take more than a year to complete. The apartment complex, sprawling over 81 acres, was built in the early 1960s. The last major rehab took place in the mid 1980s.
“We did a lot of work then, but it’s been more than 25 years,” Ford said. “It’s time to do some new things.”
The occupancy rate of the apartment complex, serving families with low to moderate income, is currently about 98 percent. Northland Village is a HUD sponsored Neighborhood Network Center providing health programs, GED tutoring classes, and kids activies.
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