Lakeland Place

Jonathan Rose Companies, in partnership with the not-for-profit organization Community Opportunity Fund, acquired Lakeland Place in July 2022 to ensure the continued affordability of this 200-unit HUD project-based Section 8 community for low-income seniors. The initiative involved a $6.8 million capital improvement program, delivering substantial upgrades to the six-story mid-rise building and modernizing all apartments and building systems.

The property’s Section 8 contract was renewed for the full 20-year term, guaranteeing that all units remain affordable to seniors for decades to come. With support from local officials, the Township of Waterford approved a new 40-year tax abatement, reinforcing the long-term affordability commitment.

Financing for the project included a $16.4 million FHA Heavy 223(f) loan originated by Capital One Multifamily Finance, supplemented by $500,000 in owner’s equity.
Resident input shaped the renovation scope through on-site engagement sessions. The resulting scope of renovations focused on improving comfort, efficiency, safety and environmental sustainability. 

Apartment upgrades featured new kitchen and bathroom cabinetry, hard-surface countertops, luxury vinyl plank (LVP) flooring, energy-efficient plumbing and lighting fixtures, stainless-steel appliances, and new air-conditioning units. Security and life-safety systems were enhanced throughout the property.

Common areas received upgrades including new domestic hot water and heating boilers, a rooftop air unit, LVP flooring, improved lighting, and strengthened security and life-safety systems.

The project provides funding for a full-time resident services coordinator to support community engagement and resident wellbeing.