Prairie Avenue Apartments, South Bend Indiana

Prairie Avenue Apartments shows a commitment to creating new benchmarks for Indiana's Tax Credit industry. It was the largest tax credit allocation in 2007 at $800,000. It is the fastest built and quickest lease up that any development team member has seen. After an allocation in late June of 2007, the equity was closed in September of 2007. Construction started in October of 2007 and the first Certificate of Occupancy was in August of 2008, with 100% completion occuring in September of 2008. The project entailed 128 units and a clubhouse, took less than 1 year to build. The project was completed during one of the worst winters in South Bend. It rained most of the winter season and there were many flood warnings during construction. This would usually delay a project for weeks or even months, however, we were able to complete the project and overcome weather barriers in record time.

While construction was record breaking, the lease up has been nothing short of spectacular itself. the first residents signed leases in August of 2008 and in five short months the project was 91% occupied. That represents 117 units occupied, which equates to one move in per business day since the property was opened, or over 23 units a month.

	Summary of unique features: Geothermal heat pumps Tankless water heaters Bamboo, or similar sustainable green flooring areas Low impact construction processes and procedures, self-monitored Energy effecient LED exterior lighting Low VOC paints Low impact procurement practices 10+ % of units set aside for handicapped residents A community compost bin/heap that will be used for fertilizer for lawn care Developoed by record setting developer, built by a record setting general contractor (Trust DC), and designed and supervised by an award winning architect