Elm Green

Project Summary

Elm Green Apartments has been part of Mosaic’s portfolio for decades, built long before terms like “affordability crisis” were part of the everyday conversation. By 2019, the 48-unit Newport community was aging, and its original affordability terms were approaching their end — the point where many owners simply sell and let a property convert to market rate. Mosaic chose to reinvest instead, re-syndicating Elm Green and rehabilitating it top to bottom to extend its life as affordable housing for another generation. Elm Green sits close to Marine Corps Air Station Cherry Point, giving military families and civilian workers alike a rental option that keeps pace with the community around it. Rehabilitation isn’t as visible as a ribbon-cutting, but it’s the difference between a property that quietly disappears and one that’s still here fifteen years from now.