Projects

River Crest Apartments

Formally named Colony & Fisher Arms was an acquisition and historic rehabilitation consisting of 161 family apartment homes, including 9 efficiency units, 104 one-bedroom units and 48 two-bedroom units. The property is adjacent to the “Gold Coast” historic neighborhood of the East Jefferson Avenue corridor. The property is surrounded by the many iconic properties in the City of Detroit, including the Detroit Water Works Park, the Berry Subdivision of the Mayoral Residence, the Manorial Mansion.

The property was originally built in 1924 and was improved with a moderate rehabilitation in 1985 with no significant improvements having been made since. This historic renovation will be a rehab of the existing structures only with no additional square footage being added.
The development is bringing over $24million of investment to the City of Detroit. Cinnaire provided Housing tax credit and Federal Historic Credits as a source of financing, covering $18 million of total development costs.

Specifications

Development Type
EFF-Two BDRM
Number of Units
161
Development Cost
24000000
Location
Detroit, Michigan
Development Role
Development Consultant and Co-General Partner
Unit Mix
EFF-Two BDRM
Architect
Fusco, Shaffer & Papas, Inc.
Contractor
G. Fisher Construction Company
Developer
Chesapeake Community Advisors, Inc.
Owner
West Center, LLC
Lender
Red Mortgage Capital

Colony

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What Others Are Saying About Us

“RPS engaged CCA in 2005 to assist in the disposition of RPS’s affordable housing portfolio, which consisted of over eighty properties, located throughout the country. The successful conclusion to our portfolio disposition is in large part attributable to Ben and David and their team at CCA. Though faced with a multitude of problems, including properties with extensive deferred maintenance, difficult regulatory agencies and severely distressed financial markets, CCA brought resolutions to our issues that were consistently satisfactory to all parties concerned. The depth and scope of CCA’s expertise in the many facets of the affordable housing industry proved invaluable. It has been a privilege and a pleasure to work with such a group of professionals.”