Westwood Apartments

Built in 1964, the Westwood Apartments was an attractive apartment community located in the heart of Murray. The property was very desirable and active with a central pool and manicured courtyards between the buildings. Over the years, the community did not receive the level of capital investment required to keep it in good working order leading to extensive deferred maintenance. Property management became unresponsive to tenant issues and the property turned into a hotspot for illegal activity.

In the fall of 2019, Restore purchased the property with the support of strong equity and debt partners aligned in objective and mission to provide quality affordable housing. The project was not far from being in jeopardy of closure with 13 of the 64 units not even in a condition in which they could be leased. Restore was able to piece together creative equity and financing to not only acquire the asset, but to significantly renovate the project.

To bring Westwood back as a community asset while still acting as an affordable alternative to residents, Restore’s revitalization strategy had to be comprehensive and included the following four key elements.

• Improve community safety by addressing criminal activity at the property

• Preserve and extend the useful life of the property through functional capital improvements

• Increase the community appeal through an attractive and modern color scheme

• Improve the resident experience with community amenities

Restore’s care and capital investment has greatly benefited the Westwood resident base and the greater Murray neighborhood. Even after these significant improvements, Westwood still has rents that are affordable to individuals who make less than 80% Area Median Income. The life of Westwood has been renewed and will provide residents a safe, affordable and enjoyable place to live well into the future!