Wow, what a year 2020 has been for The Commonwealth Companies! Our production, growth, and the lasting impact we have had on our residents and communities are a direct reflection of the hard work and commitment from our staff and partners. Through unprecedented situations and challenges, we saw the resiliency and dedication that was needed to reach numerous accomplishments. We are thrilled to share just a few of our highlights from this past year.
Throughout 2020, Commonwealth started 14 new multifamily construction projects (1,051 total units) and completed construction on 11 projects (582 total units).
We expanded our development footprint by entering two new states (North Carolina, Iowa) and exceeded our milestone of 100 affordable communities. It was exciting to close out the year with a total of 110 affordable housing projects (6,442 units)! Additionally, we were honored to receive recognition for the following:
The Reveal in New Orleans, LA is our largest multifamily tax credit project to date. Construction started in May and is projected to be completed in September 2021. This is also the first project of its nature added to our portfolio. The Reveal will be a service-intensive housing opportunity – a pathway to work with residents “where they are” to develop the self-sufficiency skills to live without assistance. The community will deliver flexible, responsive, and individualized services that meet the varying needs and choices of residents. This is accomplished through community-wide events and training that focus on independence and financial management.
Our property management teams navigated through COVID-19 by putting our residents and each other first. They were adaptable and implemented many policy changes along with added tasks to keep our communities safe. It is rewarding to have helped 1,037 new individuals/families move into their new homes throughout 2020 and we also awarded $25,000 in educational scholarships through our Resident Scholarship Program!
In 2020, M+A Design was the architect on our largest multifamily project to date – Cedar Place Apartments in Cedarburg, WI. This apartment community is comprised of 192 units throughout 12 buildings and has numerous high-end features and luxury amenities. Who wouldn’t love premium designer finishes, keyless entries, smartphone video/audio connected doorbells, a community car wash, heated swimming pool, firepit & grill area, and a spacious clubhouse with a fireplace, full gourmet kitchen, and cybercafé?!
Commonwealth recruitment never shifted gears, even during the pandemic. Between April and December 2020, we hired 80 talented new employees across our companies!
And lastly, through our Commonwealth Cares donation program, we gave back well over $20,000 in grants and sponsorships to local nonprofit organizations and activities driven to support community involvement or address area needs.
We cannot wait to see all that is in store in 2021!