COVINGTON, Ky. — A swath of affordable apartments in Northern Kentucky are getting some major improvements. The new owners are hoping millions of dollars in investments will improve life for people, and make the area more attractive for future tenants.

The Cambridge Square apartments in Covington have been there for 42 years, and their age is starting to show. But now that they’ve been acquired by the company Fairstead, things should be looking a lot different pretty soon.

“Often, you see a lot of vintage of that nature that has had repairs and upkeep over the years, and maintenance, but not a full comprehensive rehab,” said Senior Vice President on the Acquisitions and Development team Bobby Byrd.

The preservation of affordable housing is Fairstead’s “bread and butter,” according to Byrd.

The company just acquired the 200 government-subsidized apartments, which serve low income families. It’s planning to invest $12 million to renovate and modernize them.

“It's pretty much going to look like a new unit, so it’s going to be all new appliances, brand-new kitchen, all new flooring, new paint, new fixtures,” Byrd said.

Additionally, people who live in the complex will see a new dog park, playground, community garden and several picnic areas.

Byrd also assured the improvements will not impact rent.

“All families deserve to live in a place they’re proud to call ‘home,’” said Covington Mayor Joe Meyer. “We’re thrilled that Fairstead is investing money and energy into updating the Cambridge Square complex in Covington to elevate its status as an attractive, modern, safe and affordable community that contributes to the quality of life of our residents.”

The Kentucky Housing Corporation awarded Fairstead $26 million in tax exempt bonds, and more than $1.5 million in low income housing tax credits to preserve these apartments.

“A lot of times, some people are just so excited, and some people are a little concerned, or they have a lot of anxiety. And the way it kind of always plays out, and the part I love is afterward, as it’s kind of going down, and you’re going back down and talking to people, even people who were a little skeptical are now really excited,” Byrd said.

The renovations will begin in August, and should take between 16-18 months.