Q4 | 2023
Southeast
QUARTERLY
Update: NEI Southwest NEI recently completed renovations to its Missouri City, TX office. The space features a lobby, conference room, office space, a café, and warehouse space. In addition to ongoing efforts in Texas, NEI has three more projects underway.
Recently Completed Project: Stillwater Cove NEI restored a 48-unit affordable housing property that suffered damage from Hurricane Ian.
2023: A Year in Review Check out all of the biggest moments from the last year!
Kinneret Apartments Gets A Makeover New life has been breathed into two existing 15-story residential buildings, which offer studio and 1-bedroom units restricted to 40 percent to 60 percent of the Area Median Income (AMI). The majority of the units (276 out of 280) are covered by a project-based subsidy and provide much needed affordable housing for seniors in Orlando.
Update:
NEI Southwest
Missouri City Office Undergoes Renovations The NEI Southwest Office remodel included a completely new floorplan with an expanded lobby, glass wall conference space, perimeter offices with centralized open work centers, and a modern café with team seating, stainless steel appliances, and adjustable LED lighting throughout the building. The warehouse space updates included new high bay LED lighting, industrial storage systems, and a completely remodeled warehouse office featuring a printing work center and conditioned storage. In addition to ongoing efforts in Texas, NEI has three more projects underway, Including Thomas Square Apartments, Castleglen Place Apartments, and Serenity at Dallas. The renovation scope ranges from mod-rehab to full rehab and includes kitchen and bath upfits, mechanical/electrical upgrades, and refreshed common areas. PAGE 2
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Recently Completed Stillwater Cove Naples, FL | 48 units
Thank You to the Team OWNER: Napes 1400 LLC NEI PROJECT TEAM: PX: Rich Ionelli. PM: Wes Nelson. SUPT: Dennis Morgan. ADMIN: Nick Keegan, Tripp Keller. COMPLIANCE: Andre' Barbour. RISK: Patti Roche. ENGINEERING: OHC Environmental WITH FINANCIAL SUPPORT FROM: FEMA
This project involved the restoration of a 48-unit affordable housing property that suffered damage from Hurricane Ian. All first-floor units had to be restored due to 4 feet of flooding. Renovations to these units and common areas included repairing framing, firestopping, installation of new drywall, painting, new interior doors and hardware, flooring, base cabinets and counters, kitchen plumbing fixtures, bath plumbing fixtures, new electrical outlets, and new appliances. Stillwater Cove consists of 12 two-story buildings and is conveniently located minutes from downtown Naples. PAGE 3
PROJECTS COMPLETED
34
FAMILIES AND
2,654 SENIORS HOUSED
NEI completed 34 projects in 2023 across the U.S. including Massachusetts, Florida, and Texas.
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2,654 families and seniors have a new, safe place to call home.
JANUARY
FEBRUARY
MAY
JUNE
NEI was recognized with a Real Leaders Impact Collaborative Award.
NEI celebrated 25 years in business.
NEI partnered with Dave's House and donated welcome baskets for new residents.
NEI made the ENR Top 400.
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2023 A
Y E A R
I N
R E V I E W
AUGUST
OCTOBER
NOVEMBER
NEI Southeast moved into a new 25,000 SF office space.
NEI was named one of Orlando Sentinel's Top Workplaces in Central Florida.
André Barbour: NEI Diversity and Inclusion Director, André Barbour was named one of ENR's National Top 20 Under 40.
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COVER STORY
Obrist, Dana. “Kinneret Apartments Get a Makeover: Regions Affordable Housing provides financing for senior housing in the heart of downtown Orlando.” Doing More Today.
Kinneret Apartments Gets A Makeover Orlando's population continues to explode. According to the most recent report from the Orlando Economic Partnership, this Central Florida city is the second fastest growing among the largest 30 cities in the United States. And for thousands of downtown Orlando residents, Kinneret Apartments is more important than ever. In October 2022, real estate company Fairstead announced it had acquired the two-building, 280-unit affordable housing apartment complex for seniors with financing from Regions Affordable Housing. The company just completed an $18 million renovation to the aging property located in Orlando's Lake Cherokee neighborhood. The Kinneret Council on Aging (KCOA), the original owners of the property, created a wonderful and safe community for seniors to age in place, with access to healthcare services and fun, engaging events. The property has become a significant part of the local community. The KCOA provides services to residents through its food pantry and exercise programs to improve wellness. Additionally, they distribute Kosher holiday meals and host celebrations for Shabbat and Jewish holidays for Jewish residents. The two existing 15-story residential buildings offer studio and 1-bedroom units restricted to 40 percent to 60 percent of the Area Median Income (AMI). The majority of the units (276 out of 280) are covered by a project-based subsidy. The apartments offer many on-site amenities, as well as proximity to neighborhood
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services. The property is currently over 98 percent occupied and has historically experienced strong occupancy of between 95 and 99 percent over the past three years. The rehabilitation featured facade and roof repairs, common area improvements, modern kitchens and bathrooms, new flooring, senior-friendly accessibility improvements, and upgraded building systems. It also included the installation of energy-efficient appliances, lighting, and plumbing fixtures in every unit, in support of Florida's climate goals.
Thank You to the Team OWNER: Fairstead OPM: Jeff Cordisco, Elizabeth Marsh ARCHITECT: Synalovski Romanik Saye NEI PROJECT TEAM: PX: Wendell Orton. PM: Jon Defaria. SR. SUPT: Eddie Young. SUPT: Peter Bianco. ASST SUPT: Brian Nelson. ADMIN: Hailey Seymour. RISK: Patti Roche. ENGINEERING: MEP/FP: Delta G Engineering. CIVIL: DRMP. STRUCTURAL: Vasquez Structural Engineers. ROOFING CONSULTANT: Arm Consultants WITH FINANCIAL SUPPORT FROM: Regions Bank, Florida Housing Finance Corporation, Escambia Housing Finance Authority, RAH Investors 363, LLC, Sterling Corporation Services, LLC.
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Interested in what else is happening at NEI?
See our website. NORTHEAST | SOUTHEAST | SOUTHWEST
751 Garden Commerce Pkwy | Winter Garden, FL 34787 | (407) 395-9581
www.neigc.com