Savoy Court Condominiums
Rehab Residential Condominium
Factual Data: A 62 unit mixed-income condominium project at 210 Oakwood Street, SE. Comprised of rehabilitation of 1947 garden apartment building.
- Building Partnerships LLC was brought in as developer for the existing tenant group.
- Building was purchased and rehab started in 2006. Private financing and equity obtained. Construction completion phased from 2008 to 2009.
- Ernie Marcus, Michael Milliner and Robert Aramony are developers of the project with Mr. Milliner performing construction activities. $7 million rehab project. Unique exterior and interior finishes undertaken for this moderate income market segment.
- Won top 4 residential rehab award from Washington Business Journal and has been a major contributor in the renewal of the neighborhood.
- Worked through 2007 market collapse to reach cash flow stabilization.