College Arms Apartments

College Arms Apartments

Located in the charming and diverse village of Sleepy Hollow, New York, College Arms Apartments consists of 164 units of affordable housing. Marathon was able to close on the acquisition and financing in October 2008, at the height of the meltdown of the financial markets. Marathon immediately embarked upon a thorough renovation of the building, literally from lobby to roof.  The scope of the renovation included restoration of the building façade, the installation of a new roofing system, replacing the mechanical systems to improve energy efficiency, refurbishing the corridors and common areas, and modernization of the elevators.  Individual apartments received new Energy Star appliances and new finishes, including cabinets, countertops, bathroom fixtures, wall coverings, and flooring.

Other renovation items included the installation of several new features for the security and safety of the residents such as a new sprinkler system, fire alarm and a new security system.  A new community room was built with computer workstations for the use of the residents. A community garden was also created to provide residents and their families a private oasis and fresh vegetables. Marathon incorporated ‘green’ building techniques into the scope of work wherever possible, with a particular emphasis on those items which resulted in greater energy efficiency and a healthier living environment for the residents.

Total Development Cost

  • $23 million

Completion

  • 2009

Financing Highlights

  • 4% LIHTC with tax exempt bonds
  • Energy Efficiency funding through NYSERDA
  • Weatherization Assistance Program
  • US Treasury Renewable Energy Funding

Green Building

  • Comprehensive Energy Audit
  • 42 KW rooftop solar/PV system
  • Air sealing & rooftop blown insulation
  • Energy Star fixtures & appliances
  • LED lighting
  • Water conserving fixtures & laundry equipment
  • New heating plant, wireless temperature sensors & distribution upgrades (steam traps, etc.)
  • Low VOC paints, no carpet & ventilation improvements
  • A combined heat and power plant has been designed and will soon be installed