WATERBURY, CT — A $24.7 million renovation of Laurel Estates, a 278-unit affordable housing complex in Waterbury's North End, has been completed, preserving 276 existing affordable apartments and adding two new units.
L+M Development Partners, the city of Waterbury and the Waterbury Housing Authority announced the project's completion Tuesday.
L+M, an affordable housing developer, purchased the property in February 2025 and began renovations immediately. Construction was completed in October 2026.
The complex, built in 1952, underwent interior and exterior improvements, including renovations to individual apartments and construction of a community center.
Apartment upgrades include quartz countertops, new sinks, faucets and cabinetry, Energy Star-rated stainless steel appliances, updated bathroom fixtures, new lighting, thermostats, painting and accessibility improvements.
Exterior work included new windows, repairs to gutters and downspouts, upgraded lighting, security cameras and signage.
The new community center provides space for resident programs and gatherings.
Laurel Estates offers one-, two- and three-bedroom apartments reserved for low- and moderate-income households earning, on average, less than 60 percent of the area median income.
The property is nearly 99 percent occupied, with most remaining apartments already leased, according to the developer.
"Maintaining and improving Waterbury's existing affordable housing is just as important as creating new opportunities for housing in our city," Mayor Paul Pernerewski said in the release.
"This investment at Laurel Estates ensures that hundreds of Waterbury residents and families can continue to call this community home while benefiting from improved living spaces, updated amenities, and a new community center," Pernerewski said.
The renovation was financed through several sources, including tax-exempt bonds issued by the Waterbury Housing Authority and 4 percent low-income housing tax credits allocated by the Connecticut Housing Finance Authority and syndicated by Raymond James.
Additional financing included a Freddie Mac bond credit enhancement loan provided by Berkadia and a bridge loan from Webster Bank, a division of Santander Bank.
Christian D'Orso, executive director of the Waterbury Housing Authority, said preserving existing affordable housing is an important part of the agency's work.
"The WHA understands that preserving the affordable housing we already have is just as important as building new housing," D'Orso said in the release.
Josue Sanchez, senior vice president at L+M, said the project maintained the property's affordable housing while updating apartments and shared facilities.
The renovation was completed through a partnership involving L+M Development Partners, the city and the Waterbury Housing Authority.
L+M Companies, the parent organization of L+M Development Partners, reports managing approximately $25 billion in development and investment activity and overseeing the construction and rehabilitation of more than 66,000 apartments nationwide.
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