The $30 million, 560-unit Heritage Green project is a rehabilitation of a 1940s-era complex built for officers returning from World War II into affordable housing renting for $500 to $800.
The site includes over 60 structures covering 29 acres next to the United States Naval Ordnance Station in Louisville, Kentucky.
Developers placed the complex on the National Register of Historic Places to gain eligibility for historic tax credits to help fund the renovations.
Because of its age, the buildings are surrounded by large trees.
The development group led by Underhill acquired the property in 2014 and announced formal plans earlier this year. The apartments are expected to be complete in 2016.