Redwood Expands California-Based Portfolio with Acquisition of Providence Gardens

LONG BEACH, CA (September 19, 2023) – Redwood Housing and its partners have successfully completed the acquisition of Providence Gardens Apartments, a 200-unit property originally established in 1975, with an ambitious $2 milllion renovation project aimed at rejuvenating the community.

The comprehensive renovation plan includes unit modernization, featuring installation of stainless-steel appliances and improvements to ensure ADA compliance. Additionally, shared amenity spaces will be upgraded to provide residents with a revamped business center, a community kitchen and office, as well as the creation of an on-site wellness center. Elevator cabs, interior painting, flooring upgrades, and a community-wide Wi-Fi modernization are also part of the project’s scope, all scheduled for completion by spring 2024.

Located at 1011 Pine Avenue in Long Beach, California, this 13-story building occupies 1.6 acres of land and is comprised of 200 one-bedroom apartments, designated as Project-Based Section 8 Senior Housing. Providence Gardens last underwent meaningful renovations in 2011 with the use of low-income tax credits.

The apartments are conveniently located about 20 miles south of downtown Los Angeles, near the Port of Long Beach, the second-busiest port in the United States. The city is known for its waterfront tourist attractions, including the RMS Queen Mary and the Aquarium of the Pacific. Providence Gardens is located in a transit-oriented neighborhood that provides residents with easy access to supermarkets, medical facilities and the historic Drake Park.