WinnDevelopment, which this year was the co-purchaser of the 41-year-old Garden Court Apartments in Atlantic City, on May 4 announced a $33-million renovation of the 177-unit, 20-building complex.
The development arm of Boston-based apartment developer WinnCompanies bought the complex with nonprofit Gateway Community Action Partnership (CAP), a social-service provider based in Bridgeton, Cumberland County.
The acquisition was the first-ever use of the New Jersey Economic Development Authority’s Aspire tax credit program in Atlantic City, according to WinnDevelopment. Boston Financial Management purchased the tax credit equity.
“This acquisition-rehab will dramatically improve the apartments, community spaces, and property at Garden Court, while strengthening opportunities for residents to pursue a better quality of life,” WinnDevelopment Senior Vice President David Ginsberg, managing director of the New York/New Jersey region, said in a statement.
Garden Court has 135 one-bedroom and 42 two-bedroom apartments. The February acquisition paid down more than $10 million in debt and secured Low-Income Housing Tax Credit (LIHTC) financing for the affordable housing complex, according to WinnDevelopment. The City of Atlantic City approved a PILOT agreement for the rehab.
Under a new deed restriction, Garden Court will be affordable housing for the next 45 years, according to WinnDevelopment.
Edward Bethea, Gateway CAP president and chief operating officer, said the renovation “will bring long-overdue upgrades and meaningful improvements to the community.”
He said his nonprofit will provide comprehensive services and support for the families in Garden Court at 1425 McKinley Avenue, near Route 30, during and after the occupied rehab.
Completion of the project is expected in the fall of 2027 and will include upgraded kitchens, bathrooms, and flooring, as well as new windows, siding, balconies, and roofs. Energy-efficient HVAC systems and security features will also be installed.
TN Ward Company of Atlantic City is the general contractor, and KMA Design Studio of Ambler, Pennsylvania, is the architect.
