Virginia Beach, VA, June 30, 2023 (GLOBE NEWSWIRE) -- Liberty Military Housing (Liberty), the first employee-owned military housing provider in the country and the largest in the multifamily industry, has initiated over $120 million of renovations, upgrades and redevelopment to 12 military housing communities throughout the Mid-Atlantic Region. The money will go towards redevelopment, major renovations, exterior rehabilitation and outdoor infrastructures such as family playgrounds, roadways and other land improvements.
The renovations are based on the specific needs of the Liberty communities as determined by feedback from Navy families and in consultation with our Navy Partner. Over the next several years, Liberty has earmarked the funding for several planned projects, including:
- Sandpiper Crescent (Virginia Beach, VA) – demolition of all existing homes and rebuilding of new homes.
- Shelton Circle, Gela Point and Wadsworth Shores (Virginia Beach, VA) – major interior and exterior renovations.
- Willoughby Bay, Ben Moreell (Norfolk, VA) & North Severn Village (Annapolis, MD) - exterior rehabilitation.
- Norwich Manor, Queens Way, Castle Acres (Norfolk, VA) & Arundel Estates (Annapolis, MD) - interior renovations, to name a few.
“At Liberty, our mission is to provide quality and safe housing for our military members and their families in vibrant communities,” stated Philip J. Rizzo, CEO, Liberty Military Housing. “Through our military partners relationship and the power of private capital markets, we have been able to raise and invest over $4.5 billion into our housing communities since we began operations, with no additional appropriations from Congress. In keeping with our commitment to providing vibrant neighborhoods and quality homes for our families we are proud to launch this new round of renovation projects in our Mid-Atlantic communities.”
"Improving our servicemembers' quality-of-life is one of my biggest priorities in Congress," said Congresswoman Jen Kiggans (VA-02). "We ask so much of our men and women in uniform. Providing them with quality housing is one of the most important steps we can take to ensure they're properly equipped to accomplish their mission. I'm very pleased that in the Hampton Roads area - and across the country - actions are being taken to meet that goal!"
Liberty’s partnership with the Navy was made available through the Military Housing Privatization Initiative (MHPI) which allows private companies specializing in development and property management to work with the Armed Services to obtain private sector funding to address a severe backlog of military housing nearly, resulting in $28 billion of initial capital investment across all project companies. Those funds were raised through privately placed bonds, which are held by institutional lenders across the country.
“Through its investment in communities throughout the Mid-Atlantic, Liberty Military Housing continues to demonstrate an unparalleled commitment to military families,” says Rear Admiral Christopher S. Gray, Commander, Navy Region Mid-Atlantic. “We are proud to partner with them and work together to improve the lives of those who serve our country.”
Interior renovations of kitchens and bathrooms will include new upgraded finishes and products including kitchen cabinets, quartz countertops, Energy-Star rated appliances, bathroom fixtures and finishes, upgraded LED lighting, and fresh paint. In addition, several communities will replace old playgrounds with new state-of-the-art playground equipment. When complete, several thousand military families will benefit from these renovations, new construction and land improvement in multiple neighborhoods across the Mid-Atlantic Region.
For more information about Liberty Military Housing and the ongoing efforts to improve military housing, please visit livelmh.com.
About Liberty Military Housing
Liberty Military Housing, formerly Lincoln Military Housing, is the leading privatized housing provider and the largest employee-owned company in the multi-family industry. Liberty provides over 36,000 homes in over 200 communities across ten states and the District of Columbia. We are proud of the award-winning communities we build and manage and continue looking ahead to new ways of serving military families, our team, and our partners. Our mission is to contribute to military readiness and morale by ensuring military families live in homes and communities built and maintained to the highest standards. Liberty was formed in 2001 through a Department of Defense (DoD) partnership. For more information about Liberty Military Housing, please visit www.livelmh.com.
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