Franklin Square, a 224-unit senior multifamily apartment complex in Gloucester Township, New Jersey, was acquired by Fairstead in November 2017. 100% of the units at Franklin Square benefit from a Project Based Section 8 contract from HUD, ensuring the property’s affordability for years to come. Fairstead implemented a comprehensive rehabilitation plan that included kitchen and bathroom renovations, installation of water-saving plumbing fixtures, LED interior and exterior lighting fixtures, new energy-saving appliances, and the replacement of HVAC systems and hot water heaters with high-efficiency energy-saving HVAC units and hot water heaters. Improvements to site drainage through the addition of garden swales were also made in order to alleviate water intrusion into ground floor apartments during heavy storms. Significant upgrades to the community building were also made, including a new HVAC system, new flooring and furniture for the community room and leasing office.
This project is projected to achieve energy savings of at least 15% across the site post-completion.