Arbour Valley acquired Arbours at Demopolis as a run-down Section 8 property with very difficult management problems, onerous existing financing and various unsustainable HUD requirements. But with Arbour Valley’s familiarity with the area, good relationship with HUD, and management and construction expertise, AV recognized a real opportunity to turn this difficult property into a quality apartment community. Over the next several years, Arbour Valley Management steadily cultivated relationships with the local government and instituted numerous management enhancements and standards at the property, while Arbour Valley Construction assessed a possible renovation and Arbour Valley Development considered various financing options.
Eventually, a renovation budget and major repositioning plan was established, and AVD applied for tax credits through the Alabama Housing Finance Association, while working with HUD to re-cast the property’s debt financing. After winning tax credits through AHFA’s competitive process and establishing a refinance plan with HUD, Arbour Valley embarked on a complete renovation of the property, involving large-scale sitework and a building-by-building gutting and reconstruction. During this process, Arbour Valley Management optimally managed the community, balancing high demand for apartments with scheduling and construction constraints and a lack of temporary housing in the local area. Now fully occupied and appropriately financed, at affordable rents and offering completely renovated apartment homes, Arbours at Demopolis is a point of pride for the community and a wonderful place to live.
