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Equity Property Management Merrillville In – MERRILLVILLE — Equity Property Management is pursuing $17 million in renovations for three apartment complexes it owns here.
Cloisters, Edgewood Terrace and Tan Tar A complexes have been around for decades and need upgrades, Kevin Donohoe, executive vice president of Equity Property Management, told the City Council recently.
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He said the facilities in North Merrillville will get new roofs, windows, bathrooms, kitchens, cabinets, flooring and other improvements. The exteriors of the complexes are also expected to receive upgrades with landscaping and new security features.
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Donohoe said the properties will be enclosed with security fencing and electronic gates. Cameras are also installed.
There are a total of 190 apartments in the three complexes, 130 two-bedroom units and 60 one-bedroom units, Donohoe said.
Donohoe said no tenants have been asked to leave and Equity Property Management has created a relocation plan.
Donohoe said construction will take about a week in each unit. The three buildings do not have to be completely empty when the renovation works take place.
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Tenants are offered several options. If a resident wants to move to another unit, he or she can do so after it is upgraded. If tenants wish to stay in their current apartment, “hotel units” will be available, Donohoe said.
These units will be similar to hotel rooms and residents will stay in them while their apartments are updated.
Equity Property Management is seeking tax credits and the process will preserve affordable housing in the complexes, Donohoe said.
He said the company expects to receive $6 million from a tax credit investor to finance the work. The company is also pursuing an $11 million loan for the project.
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Donohoe said Equity Property Management wants to start the renovation project as soon as possible and the company is looking for help from the city so those deals can be completed.
If the complexes were destroyed in a natural disaster or fire, Equity Property Management would not be allowed to rebuild the same number of units that currently exist because of the changes in the city’s density rules, Donohoe said.
The company is seeking an amendment to Merrillville’s ordinance so it would be allowed to build the same number of units if there was a catastrophic incident that destroyed apartments in those buildings.
Donohoe said the investor and loan officer indicated that approval is necessary before financing is issued.
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Counselors seem receptive to that request. The matter would first have to be heard by the Planning Commission. The final approval would come from the council. Both panels could act on demand in September.
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MERRILLVILLE – Exterior improvements to the Cloisters, Edgewood Terrace and Tan Tar A apartment complexes could be completed by winter, and …
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Edgewood Terrace is a 974 square foot property with 2 bedrooms and 1 bathroom. Edgewood Terrace is currently for rent for $795 per month, and offers 3, 6, 9, 12, 13, 14, 15 month lease terms. Edgewood Terrace is located in Merrillville, the 46410 zip code, and the Merrillville Community School.
All information is deemed reliable but not guaranteed. and its affiliates may receive compensation when contacting a rental property or signing a lease.Equity Property Management LLC has announced a $17 million renovation project for three of its Merrillville apartment complexes, including the Edgewood Terrace Apartments at 5850 Pennsylvania St. (Joe Puchek/Post-Tribune)
An official with Equity Property Management LLC announced a $17 million renovation and enhanced security project planned at three of its aging north Merrillville apartment complexes, including one where a man was killed in the parking lot last year.
Kevin Donohoe, executive vice president of the Merrillville property management company, told the Merrillville Town Council that the company has applied for U.S. Department of Housing and Urban Development tax credits for its Cloisters, Edgewood Terrace and Tan Tar A apartment complexes.
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Donohoe said Wednesday that once the loans are secured, an equity investor would move forward with the renovations, which he said would include new roofs, windows, doors, decks and balconies on the exterior, as well as new kitchen cabinets, remodeled bathrooms, Flooring, Energy Star appliances, LED lighting inside and out, and new paint.
He said security is one of the company’s major concerns. He said the complexes will be enclosed with new fencing, electronic gates and security cameras.
Security is also a concern of Councilman Shawn Pettit, D-6th, who said he likes the gate but suggested Donohoe also wants to hire a private security company.
The Tan Tar A Apartments, in the 100 block of East 59th Avenue, just behind Andrean High School, was the scene of a May 2015 murder.
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Cecil Pendleton Jr., a 55-year-old Air Force veteran and father of three, was killed in the parking lot while on his way to work shortly after 5 p.m.
“A lot of people are at Tan Tar A who have no reason to be there,” Donohoe said.
Donohoe said the project should take about 13 months to complete, with each individual apartment taking about a week to renovate.
He said there will be some “hotel units” where those who want to stay in their units can stay while their apartments are being redone.
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He said that once the company receives the tax credits, all tenants must qualify for Section 8 housing. He expects about 15 families will have to move out of the apartments because their income is too high for Section 8 assistance.
Donohoe said he’d like to start the project as soon as possible, but there’s a problem he needs the city’s help with: City rules that have been in place since the complexes were built make it impossible for them to have the same number of units. rebuild if the apartments should suffer a catastrophic loss.
He said neither HUD nor the equity investor would proceed unless the city enacted an ordinance saying the complexes could be rebuilt with the same number of units in the event of a disaster.
Council attorney John Bushemi suggested that the Planning Commission discuss the possible ordinance at its September 6 workshop and hold a public hearing on it at its regular meeting on September 20.
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