May 2022

Adirondack Community Development LLC is pleased to announce the most recent acquisition to its portfolio, the 500-unit, 7 property Enclave Portfolio located in Shreveport and Baton Rouge, Louisiana. The transaction represents the first acquisition in the state of Louisiana by Adirondack, which will soon be followed by a planned affordable housing development slated to start construction in Baton Rouge later this year.

With the portfolio having historically struggled with occupancy and deferred maintenance issues under prior ownership, Adirondack is planning a significant value-add rehabilitation initiative on all of the properties in the portfolio, which is scheduled to be completed by the end of 2022. "With the Enclave portfolio, Adirondack is bringing its tremendous value-add experience and long history of turning-around underperforming properties. We will be redeveloping the properties with our construction affiliate Piedmont Construction, as well as the first-class operation and management services of Mayfair Management Group; we expect our residents will experience noticeable improvement to the properties almost immediately, with continuing improvements over the next 3 to 6 months," shared Adirondack CEO Victor Salerno III.

Susanne Kleins, President of Mayfair Management Group, added, "The Enclave represents a wonderful opportunity for a bright turn-around for not only these properties and residents but their neighborhoods and surrounding communities as well. We are confident that benefits will be substantial and far-reaching, and bring pride back to the Enclave portfolio and its residents very soon."

For information on Adirondack or The Enclave portfolio, please contact us at Info@ADKdevelop.com.