With Baby Boomers' retirement prospects in a shambles, they will likely stay on the job longer, limiting advancement opportunities for generations coming up behind them.

The $400 million in upgrades will be made possible through the HUD's Rental Assistance Demonstration program, which converts apartments' funding to the Section 8 program.

Jefferson Lighthouse Place, built in 2015, is currently 94% occupied. HGI reports it plans to spend an additional $850,000 on capital improvements at the property located at 4411 North Federal Highway.

Some $2.5 billion in commitments from public pension funds and other institutional investors are expected.