Silver Leaf Terrace

Silver Leaf Terrace, located in Leominster, MA, is a 215 unit property that was awarded New England’s Affordable Housing Management Association’s Community of Quality Award for the Outstanding Turnaround of a Troubled Property in 2012.

Silver Leaf Terrace, once a challenged property beset by crime and poorly-maintained infrastructure, is now a cost effective property providing safe, affordable housing in several areas. The project was developed below replacement cost, which in the central Massachusetts market could cost $180,000 per unit, the actual total development cost per unit for all units totalled $112,589.

A complete solar photovoltaic system funded through Massachusetts Technology CollaborativeGreen Affordable Housing Development Program loan in the amount of $420,000 and a grant in the amount of $40,000 funded the construction of a solar photovoltaic system at the project. The system was installed on the roof of the newly constructed management office and community center. The building takes full advantage of 100% of the electricity generated, offsetting approximately 30% of its annual electricity use (the 70kW system generates an estimated 88,375 kWh of electricity annually.)

All 216 interior apartment homes were transformed with new kitchen cabinets, counter-tops, energy efficient appliances and flooring. Closets were added, along with new interior doors, hardware, new faucets, and water saving toilets, aerators and energy efficient lighting. Aesthetic upgrades included new store front entries, new hallway painting, upgraded door hardware, hallway carpeting, vinyl stair treads and energy efficient common hallway lighting.

Exterior upgrades included new landscaped gardens, new paved parking lots, line striping, sealcoating, dumpster enclosures, perimeter fencing and upgraded exterior lighting. Each of the 18 buildings received new roofs, insulation, siding, trim, windows and HVAC systems. A new playground was constructed along with benches and three upgraded common laundry and mailbox centers.

Silver Leaf now serves as a guardian to the community, and has effectively revitalized the entire area in a positive way. Silver Leafs commitment to education is demonstrated by the programs that are provided at the site.

216 Units

Acquired: 2009

Investor: Stratford Capital Group