Capstone at The Oaks: A New Milestone in Elderly Housing Development in Lake Charles, LA

Lake Charles, LA – [December 7th, 2023] – The Banyan Foundation, Inc. (TBF) proudly announced the commencement of construction for the Capstone at The Oaks with a groundbreaking ceremony on December 7, 2023. Capstone at The Oaks is a transformative multifamily property designed to meet the unique needs of Lake Charles’ elderly community. Located at 2401 6th Street, Lake Charles, LA 70601, Capstone at The Oaks represents a collaborative effort to create a welcoming and sustainable environment for senior residents.

Capstone at The Oaks will offer 120 units, comprising 66 one-bedroom residences and 54 two-bedroom residences. With a focus on enhancing the quality of life for its residents, the development will feature supportive services provided by the esteemed Calcasieu Council on Aging (CCOA).

One of the distinguishing features of Capstone at The Oaks is its commitment to sustainability and disaster resilience. The community's design adheres to the rigorous criteria of Enterprise Green Communities, emphasizing best practices in sustainability. Furthermore, the development incorporates hardened building techniques aligned with the Institute for Business and Home Safety’s FORTIFIED Gold resiliency objectives. These measures are intended to

mitigate both nuisance and significant damage caused by hurricane-force winds and flooding, ensuring the safety and security of residents during extreme weather events.

The collaborative effort behind Capstone at The Oaks involves a diverse group of entities dedicated to the success of this groundbreaking project. Their combined expertise and commitment to community development have paved the way for Capstone at The Oaks to become a reality.

"Capstone at The Oaks is an example of the type of successful collaborations that public-private partnerships can create," said TBF President & CEO Rob Coats. "The Development Team is incredibly grateful for the Louisiana Housing Corporation, Office of Community Development, the City of Lake Charles, the Calcasieu Council on Aging, Regions Bank, Womack Construction, and many others responsible for the success of this transaction. We look forward to completing this PRIME-2 development and helping to bring home the seniors of the Lake Charles community.”

This ceremony marks the beginning of construction and symbolizes a commitment to the well-being of Lake Charles' elderly population. Capstone at The Oaks is anticipated to be completed in Spring 2025.

About Capstone at The Oaks

The Capstone at The Oaks is a visionary elderly property in Lake Charles, LA, designed to provide a supportive and sustainable living environment for the aging members of the Lake Charles community. The Capstone at The Oaks is possible through the collaboration of the following entities: The Banyan Foundation, Inc., The Calcasieu Council On Aging, The City of Lake Charles, Louisiana Housing Corporation, Office of Community Development, Calcasieu Parish Public Trust Authority, Regions Bank, Stifel Nicolaus, Milton J. Womack, Inc., Rampart Multifamily Management, and many others.

About The Banyan Foundation, Inc.

The Banyan Foundation, Inc. (TBF) is a non-profit, affordable housing development organization based in Birmingham, Alabama. Since TBF's inception, the company has grown its portfolio through the rehabilitation, purchase, construction, and adaptive reuse of over 1,000 affordable and workforce housing units across the southeastern United States.

TBF specializes in the usage of various financial structures for its developments. Such methods include using 9% Low-Income Housing Tax credits, 4% tax-exempt bonds, Fannie Mae and Freddie Mac, 221D4, etc. TBF distinguishes itself by collaborating with federal, state, and local agencies to produce affordable housing developments that communities need and can be proud of for years to come.

In December 2021, Capstone at Scotlandville, formally Elm Grove Garden Apartments, began completely rehabilitating the property. The rehabilitation was aimed at modernizing the complex's interior and exterior amenities while updating what the previous property provided. By adding community and safety improvements to the property and bringing in resident-supportive services, the property now offers a safe and engaging community for families to grow and prosper. Amenities introduced during the rehabilitation of the property include a new playground, fitness center, computer room, walking trail, basketball court, community room, and a community garden.

Capstone at Scotlandville partnered with Partners Southeast with East Baton Rouge Parish Housing Authority to create housing for qualifying families by constructing 84 fully subsidized units. The total rehabilitation cost of the project came out to $24,300,000 and was completed in June of 2023. 

Notice the photos attached to reference the property’s transformation—the final pictures will come within the next few weeks.

AUGUSTA, GEORGIA – Local, state, and federal officials will join development partners, investment partners, and residents to celebrate the grand opening of Capstone at Barton Chapel Apartments, formerly known as Trinity Manor Apartments. The 100-unit complex was originally constructed in 1975 and was in dire need of rehabilitation both on the interior and exterior.

The complex underwent a total renovation beginning in January of 2022 that included a full interior and exterior renovation. The modernization of the complex not only dramatically improved the overall living condition for the residents, but also added additional amenities that include a new playground, fitness center, computer lab and community room.

The redevelopment was made possible by the collective partnership of so many that included The City of Augusta, The Georgia Department of Community Affairs (DCA), and Housing and Urban Development (HUD). Each partner was instrumental in helping to revive a multifamily complex that 100 Augusta families call home.

The Banyan Foundation CEO, Rob Coats stated, “The Banyan Foundation, along with our development partner, Rural Housing Developers – Georgia, are proud to be a part of this transformational project. We are fortunate to have great partners in Georgia DCA, HUD, and the City of Augusta. This partnership began under the leadership of former Augusta Mayor, Hardie Davis and has been completed under Mayor Johnson’s leadership.  Without all of these parties working together, this project would not have been able to be completed.”    

Local organizations, financial institutions and government leaders were also instrumental in the redevelopment of the complex. Partners in the project include Studio 8 Design, Empire Construction, Stifel, Cadence Bank, Raymond James, Sugar Creek Capital, Bellwether Enterprises, Troy Bank & Trust, Gateway Management Company, Tidwell Group, Torch Networks, OSA and Comcast.

Baton Rouge, LA – Local, state and federal officials today joined investment and development partners to celebrate the groundbreaking of Capstone at Scotlandville Apartments –the newest apartment community in the Scotlandville area of East Baton Rouge Parish.  

Mayor-President Sharon Weston Broome was in attendance and kicked off the ceremony by talking about the positive economic impact this development will have on the community. 

Capstone at Scotlandville will consist of 84 apartments located on the former site of Elm Grove Garden Apartments.   The former property will be demolished, and new construction will allow for the transformation and preservation of affordable housing in the Scotlandville area of Baton Rouge.  Units will be comprised of 2- and 3-bedroom units and will be available to residents who income qualify. In addition, the property will provide not only new units, but modern facilities where residents will benefit from ongoing supportive services.  Examples of these services are after school programs, summer feeding programs, financial wellness, health checkup programs, job training and GED classes to name a few.

“We are more than honored to have partnered with the East Baton Rouge Parish Housing Authority (EBRPHA) on this project to facilitate the new construction project.  This project could not have happened without the working relationship of the City of Baton Rouge, LHC, HUD and so many others that worked diligently to make this project a possibility.”

Many local organizations, financial institutions and government leaders played a role in developing this project.  Partners in the project include: State of Ohio Development Department, Ohio Housing Finance Agency, ABC local nonprofit, Ohio Capital Corporation for Housing, ULoanToUs Bank, I. Build Architect;

The apartment community was partially financed by equity raised from the Low Income Housing Tax Credit Program.  This federal program provides a dollar-for-dollar reduction in income taxes for developers of affordable housing in exchange for providing below-market rents for at least 15 years.  The tax credits are then sold to investors, who provide equity to the project.

Developers, The Banyan Foundation and Resource Housing Group, collaborate together on an adaptive, historic reuse project of Howell School located in Dothan, Alabama. Howell School Apartments is a 55-unit senior development with 22 units located inside the rehabilitated and repurposed historical building and 33 units adjacently located inside an additional new construction building. The development features state-of-the-art fire safety technology, energy efficient appliances, spacious living areas, washer and dryer connections, and 20-foot ceilings. The development also offers fully accessible units for residents with mobility impairments. 

Constructed in 1899, Howell School is known as one of the most beloved, historical landmarks in the Dothan community. With a lifetime of usage, Howell School has served the Dothan area as a hub for education and industrialization. Howell School now has its final purpose- to be a home for Dothan’s senior residents.

Howell School Apartments also includes a wide variety of amenities for residents to enjoy. Such amenities include a fitness room, internet lounge, laundry room, leasing office, kitchen, and coffee bar. In addition to these items, the historical building includes a large, spacious community room on the main floor of the historic building equipped with dining tables and comfortable seating with a large T.V. for resident enjoyment. This space is the perfect location for all occasions!

The Howell School Apartments community also features an outdoor pavilion and grill area for residents to enjoy! This outdoor escape comes equipped with comfortable seating and picnic tables- ideal for any outside get together!

This development was made possible by the partnership of both developers, The Banyan Foundation, Inc. and Resource Housing Group; architects Studio 8 Design and Donofro Architects; former and current mayors of the City of Dothan, Mike Schmidtz and Mark Saliba; Bank of the Ozarks; Stratford Capital; the National Historical Commission; the Alabama Historical Commission; the Alabama Housing Finance Authority; the Alabama Housing Authority; the Dothan Housing Authority; general contractor CGM Construction; and the City of Dothan as well as the entire Dothan community.

Rural Housing Developers is pleased to announce the Grand Opening of the Villas of Benedictine Pointe, a historical rehab in Guthrie, Oklahoma! Rural Housing Developers acted as Construction Management on this project. Other key players in this incredible project were the Developer, The Banyan Foundation, Inc., General Contractor, Hixon Construction and the property will be professionally managed by Belmont Management Company. The historic preservation consultant on Villas of Benedictine were Preservation and Design Studio, PLLC of Oklahoma City.

Formally known as Logan County Hospital, built in 1925, Villas of Benedictine Pointe has been beautifully renovated and restored into apartments for Seniors.

The Villas at Benedictine Pointe boasts 53 apartment homes complete with brand new finishes and amenities. Step into history as you take in the classic architectural details and touches of this historic 1920s-era building. Enjoy wonderful features such as a craft room, fitness center, media and library center, community room, tornado shelter, studio, meditation room, and lounge! Convenient elevator provides ease of access to all floors.

Mayor Steve Benjamin and City Councilman Sam Davis turned out for a ribbon-cutting ceremony showcasing the renovated Gable Oaks Apartments in the Eau Claire community on Tuesday morning, but they weren’t the only civic dignitaries on hand.

Margaret Campbell, a 46-year resident of the apartment complex and its self-proclaimed mayor and governor, helped the two men wield a gigantic pair of gold scissors to commemorate widespread improvements to the place she’s called home since its 1971 opening.

Civic leaders hope there will be less of both after all 200 units were given new flooring, cabinets and countertops, appliances, lighting and air conditioning and a fresh coat of paint. Building 8, damaged in a fire, was replaced with another eight-unit building.

The sprucing up came after Gable Oaks Affordable Housing LLC responded to a request for proposal through the Columbia Housing Authority and was awarded 140 project-based vouchers, making the property fully subsidized. The program addresses a critical need for affordable housing in the Columbia area, officials said.

“We have been very active in trying to make sure that we put a wide variety of housing – not only just public housing, but affordable housing, housing that we think will be something that will help the community and help the citizens that we try to serve,” said Gilbert Walker, CHA executive director. “We had an application opening about a month ago, and we had 20,000 people to apply in one day – 20,000 to apply in one day for affordable housing.”

The renovations include a new community space complete with Wi-Fi access in a computer room. Supportive services offering computer training and resume-writing classes, health and nutrition and financial literacy programs, and after-school activities will also be available to residents, and the complex’s playground area will get a facelift thanks to an anonymous donor.

“This is important because it’s an investment, and new investment impacts property values,” said Davis, whose district includes Gable Oaks and who said his wife lived there years ago. “ … This has been, I think for all involved, a labor of love in terms of the goal.”

A new manager’s office will include two full-time staff members and a resident service coordinator.

“This is a perfect example of what happens you bring people together around a vision,” Benjamin said. He said the renovated units “are representative of the high-quality housing that every citizen of this community deserves.”