VENICE, Calif., Aug. 14, 2014 /PRNewswire/ -- Los Angeles Councilman Mike Bonin joined Apartment Investment and Management Company (Aimco), the Department of Housing and Urban Development, the Los Angeles Department of Water and Power, local business leaders, and neighbors to officially cut the ribbon for the grand opening of Lincoln Place Apartment Homes.
"Today is a day of celebration as we officially unveil the new Lincoln Place," said Aimco Chief Administrative Officer Miles Cortez. "This beautiful community fulfills the need for high quality apartment living in a low density environment on the west side, conveniently located close to LAX, retail, restaurants and all the amenities of this growing area. We are very grateful to our partners who have worked with us to bring Lincoln Place back to life for the benefit of our residents, neighbors and the local economy."
"I am pleased that the rehabilitation of this property preserved and enhanced Lincoln Place - especially the garden-style apartments - while making environmental sustainability a priority," said Bonin. "Lincoln Place is a part of Venice history and I am looking forward to seeing the neighborhood renaissance that a project like this can bring a community."
The Lincoln Place project includes the rehabilitation of 45 buildings with 696 apartment homes and the construction of 99 new apartments on vacant parcels. A highlight of the new Lincoln Place is a two-story 6,500 square foot fitness and recreation center featuring state of the art equipment, virtual classes, a spinning studio, and outdoor workout areas. A rooftop social deck with panoramic views overlooks a saltwater swimming pool with underwater music, poolside cabanas, a barbeque area, and a fire pit. Working in partnership with the LA Department of Water and Power, Aimco implemented a series of sustainable measures such as ultra-efficient LED lighting, and low water use, eco-friendly landscaping to reduce energy and water usage by close to 30 percent. Onsite recycling, electric car recharging stations, and high efficiency water heaters are other examples of environmentally friendly features of the property.
Financing partners for the transformation of Lincoln Place were the Department of Housing and Urban Development's Los Angeles Multifamily Hub, which approved the largest FHA-insured loan in the West, and Red Capital Group mortgage lenders.
Lincoln Place, originally constructed between 1949 and 1951, is listed on the national and California registers of historic places. Its rehabilitation, which began in November of 2012, is constructed in accordance with the Secretary of Interior's Standards for Historic Places. For more information, please visit http://www.lincolnplaceapthomes.com.
Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the largest markets in the United States. Aimco is one of the country's largest owners and operators of apartments, with 218 communities in 23 states and the District of Columbia. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV, and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.