Winthrop Square Apartments

Winthrop Square Redevelopment Story

Winthrop Square Apartments consists of 295 garden style and townhouse rental apartments constructed between 1969 and 1970, located on more than 15 acres across a divided highway. Vesta acquired the property in 1987, utilizing Low Income Housing Tax Credits.

In 2006 Vesta restructured, refinanced, and redeveloped the property. Residents were temporarily relocated on site during renovations and in most cases were moved back into their units after renovation.

As part of Vesta’s renovations, exteriors of all of the buildings were improved with new windows, cleaned brick exterior, new roofs, vinyl siding and gutters; drainage problems were corrected; boilers were replaced; and bathrooms received new fixtures and accessories, new tubs, and new toilets and sinks where needed.

Vesta’s $13 million of renovations also included:

• exterior entry doors were replaced on the townhouse units
• site lighting was added
• common areas received new finishes, including stair treads, flooring and handrails
• interior doors were replaced
• walls were patched and repainted
• damaged kitchen components were replaced, and new appliances installed
• flooring was replaced
• units were brought up to electrical code including installation of carbon monoxide/smoke detectors and energy efficient lighting
• plumbing fixtures were repaired and new water heaters were installed

The Financing

The rehab program was completed over a 19-month period at a cost of nearly $12.5 million ($42,322/unit). The term on the Section 8 contract was increased to 20 years, expiring on August 31, 2025.

Quality of Life Improvements

Vesta also added amenities to improve quality of life on the property. Vesta renovated unused storage areas to create a state-of-the-art Learning Center plus a community meeting room. The learning center has 16 work stations with new, high speed computers and Internet access.

For Rental Information

For More Property Information