February 21, 2019, Norfolk, VA…Woda Cooper Companies’ Bell Diamond Manor won the top honor for Best Acquisition/Rehabilitation of an Affordable Apartment Community in the Multifamily Pillars of the Industry Awards at this week’s International Builders’ Show in Las Vegas.
The Multifamily Pillars of the Industry Awards are presented by the National Association of Home Builders (NAHB) to highlight creative development concepts, innovative financing strategies, great design, and superior management and marketing in the apartment and condo marketplace. The Pillars awards are held in high esteem by top-level multifamily development companies, management firms and experts in the field. The annual competition is judged by a jury of knowledgeable peers, each having a proven record of success in various facets of the multifamily industry.
Bell Diamond Manor, a 128-unit affordable townhouse and garden apartment community in the Berkley neighborhood of Norfolk, VA, was re-opened by Woda Cooper last year after a $14 million, top-to-bottom renovation. The 45 year old property was first established by Beacon Light Civic League under the leadership of Mr. George Banks who is credited as a champion of affordable housing and hero of the Berkley community. Beacon Light Civic League owned and operated Bell Diamond Manor until turning to Woda Cooper to lead its recent redevelopment and restoration. The years had taken their toll and Bell Diamond Manor was in need of major updates and renovations to restore it to modern standards for living, accessibility and energy efficiency.
Improvements at Bell Diamond Manor included the replacement of all roofs, windows, siding, and doors. In addition, the two- and three-bedroom units have new cabinetry, painting, wood trim, flooring, low-energy HVAC systems, updated bathrooms, and Energy Star appliances for improved energy efficiency. Sixteen units were redesigned for full handicap accessibility. Woda Cooper also added new community space, lighting, two new playgrounds, and expanded the onsite management office.
Bell Diamond Manor was recently certified EarthCraft Multifamily Gold Certification from Viridiant, a third-party, non-profit organization that oversees sustainability certification programs in Virginia.
“Bell Diamond Manor offers energy-efficient, high quality, attractive rental homes for working families, retirees, and others who need affordable housing,” said Bruce Watts, Vice President of Development for Woda Cooper. “We are thrilled to receive the prestigious national honor from the National Association of Home Builders at the world’s largest annual residential construction show.”
The renovations at Bell Diamond Manor were made possible through the allocation of housing tax credits by the Virginia Housing Development Authority with the housing tax credit investment and a FHA 221(d)4 loan for permanent debt by Bank of America. Thirty-five units receive project-based Section 8 rental assistance through the US Department of Housing and Urban Development in conjunction with the Norfolk Redevelopment and Housing Authority. Bell Diamond Manor offers a high-quality, safe, and lifestyle oriented housing option that is affordable for seniors, workforce singles and families earning up to 60% AMI.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates are experienced developers, general contractors, and property managers specializing in the design, construction, and management of affordable multi-family apartments, senior communities, and single-family homes. Considered leading experts in the affordable housing industry, the Woda Cooper team is known for producing and maintaining high quality affordable housing. Affordable Housing Finance magazine ranked the firm 6th overall among Developers and 29nth overall among Owners in its April/May 2018 issue. Woda Cooper Companies, Inc. has developed and currently manages more than 300 communities and 12,000 units, operating in 15 states. In addition to its Columbus headquarters, the firm has offices in Savannah, GA; Indianapolis, Indiana; Shelbyville, Kentucky; Annapolis, Maryland; Mackinaw City, Michigan; Charlotte, North Carolina; and Norfolk, Virginia. For more information, call (614) 396-3200 or visit www.wodagroup.com.