Located in Northridge, this CSUN Adjacent Community was “red-tagged” following the 1994 Northridge earthquake.
Prior ownership did not see a path forward to restoring the Community to habitability. The Korda Group purchased the Community in its red-tagged condition and using the Company’s construction and rehabilitation experience nursed the Community
back to health. Park Merridy Apartments remains an important part of the Korda Group’s portfolio today.
North Hills, California
In the late 1990’s, the Department of Housing and Urban Development (HUD) developed the REAC program to professionalize and standardize the inspection of affordable housing. Columbus Square took part in the pilot program and was the first Community in the Nation to be awarded a 100 on an inspection. The Community was subsequently awarded the Secretary’s Commendation by then HUD Secretary Andrew Cuomo.
Colton Gardens is a 129 unit Family Section 8 building located in Colton, Ca. When the Korda Group acquired this Community in September 1998, Colton Gardens was on HUD's troubled list due to severe deferred maintenance with an REAC score of 50.
After a major investment in maintenance and the implementation of a new management strategy, the building received a 96.
HUD, in disbelief, sent out a physical inspector who subsequently improved the Property’s score to a 98. Colton Gardens was
the first building in the nation to ever make such an improvement within a condensed timeframe.
San Bernadino, California
Sunset Terrace Apartments is a 110 unit Senior 55 + building located in San Bernardino, Ca. This building was purchased by the Korda Group in September 1999. At that time there were 40 occupied units, 21 units occupied by Seniors, with the balance occupied by gang members. The staff joined San Bernardino's Multi-housing Crime Free Program and began evicting the crime infested units. Our staff trained 25 Job Corp trainees while rehabbing 90 units. When Sunset terrace was sold in March 2000 it was 98% occupied.