For immediate release
Stockbridge apartment complex to receive a $2.5 million makeover
Building lost in August fire to be replaced
Stockbridge, MI – January 5, 2021 – PK Companies, a family-based real estate firm in Okemos, MI, is investing $2.5 million in the construction of one building and the rehabbing of another building in Lakewood Apartments in Stockbridge, MI.
Exterior work has already begun and interior work will begin on January 11. The building A rehab project will take a total of 7 months to be completed. The projected completion date of the construction of building B will be in April.
The rehab project entails replacing roofing, siding, windows, flooring, appliances, plumbing and light fixtures, cabinets and countertops, as well as painting. Oakwood Construction out of Okemos, MI was hired for the construction work.
The new construction will achieve Enterprise Green status. According to their website, “Enterprise Green Communities, the standard for sustainable futures, is the nation’s only national green building program designed explicitly for green affordable housing construction.”
The project will use funds awarded from the IRS Low Income Housing Tax Credits (LIHTC) Program.
A fire in August completely destroyed building B. Local organizations collected donations of money, food, and clothing for the displaced residents.
“At PK and Lakewood Apartments, we are so very excited to be able to continue to provide quality affordable housing and be able to make the upgrades to our buildings, so they function better for the long run. We also cannot wait to have our new building built so we are able to bring back some of our fire victims to the property. I can’t wait to see the residents’ reactions when they see their new apartments with all the updates that are coming!” said Marea Powell, director of property management for PK Companies.
Prospective residents are encouraged to call the Lakewood Apartments leasing office to get on the waitlist for a spring move-in to a unit in the newly built B building.
The Lakewood Apartments project is part of a larger development project with a total of 12 properties scattered throughout Michigan. The total construction cost for all 12 will be approximately $25,000,000.
About Lakewood Apartments – Lakewood Apartments, located at 831-833 S Clinton St in Stockbridge, MI, is a 32 unit affordable housing community that offers one and two bedroom apartment homes. Equal Housing Opportunity. This institution is an equal opportunity provider.
About PK Companies – PK Companies (“PK”) is a family-owned group of real-estate companies based in Okemos, Michigan. PK began as a property management firm but has grown to include a construction company and development group. They currently represent communities in California, Indiana, Michigan, Missouri, Ohio and Texas. PK is committed to creating partnerships that provide housing solutions to better fulfill the needs of our communities. They strive to add value to the areas we serve and enrich the lives of our residents. Through our comprehensive strategy, we purchase, develop and manage properties that offer opportunities for creative housing solutions.