Rescuing Distressed Senior Housing

Evergreen acquired and completed the substantial rehabilitation of Lakewood Plaza Apartments, a 200-unit senior housing tower located in Norfolk, VA. Of the building’s 200 units, 191 are under a HUD-administered project-based Section 8 Housing Assistance Payment (HAP) contract. Initially built in the 1970s, the property had gone 50 years without major upgrades when Evergreen purchased it. Our investment enabled rehabilitation that included replacing the entire façade, a full update to the building’s mechanical systems, significant structural repairs, and providing a modern aesthetic inside and out, turning the previously aged structure into a vibrant community asset. The property now serves as a true amenity for the neighborhood, offering modern, safe, and affordable housing for seniors.