Louis Barett Residences, a 145-unit, 12-story apartment complex for seniors in Lynn, MA, approximately 11 miles northeast of downtown Boston, was acquired by Silver Street in 2015. Built in 1973 and financed by MassHousing under the HUD Section 236 program, Louis Barett Residences was subsequently renovated in 1991 via a 4% LIHTC transaction. The property consists of 27 studio units and 118 one bedroom units. Formerly under a partial HUD Rent Supplement contract, the property recently participated in HUD’s new Rental Assistance Demonstration Program (“RAD”) and now has a 15-year project-based Section 8 contract for all 145 units.
Silver Street’s plans for the property include a $6,500,000 substantial renovation of all units and common areas utilizing 4% Low Income Housing Tax Credits starting this summer. The renovations will include energy efficient upgrades to the heating and cooling systems, new appliances, new doors, new windows, new kitchen and bathroom finishes, and exterior improvements.