RICHARDSON, TEXAS — The U.S. Justice Department’s Antitrust Division has reached a settlement with RealPage Inc. as part of its ongoing enforcement against algorithmic coordination, information sharing and other anticompetitive practices in rental housing markets across the country, according to details disclosed in a North Carolina federal court on Monday. The proposed consent judgment, which still requires court approval before it can be implemented, would help restore free market competition in rental markets for millions of American renters, the Justice Department stated in a press release. “Competing companies must make …
ALEXANDRIA, VA. — Fairstead has broken ground on an affordable housing adaptive reuse project in the Washington, D.C., suburb of Alexandria. On the site of Samuel Madden Homes, originally built to house African American defense workers during World War II, the company will build 207 residences, ranging from one- to four-bedroom units, reserved for families earning 30 to 80 percent of area median income as well as a new community food bank. Completion is slated for fall 2027. Financial partners include permanent and construction lenders Boston Financial, Freddie Mac and …
BETHESDA, MD. — CAPREIT has been selected by Affordable Homes & Communities (AHC) to manage 21 properties, comprised of 3,019 units, in Maryland, Virginia and Washington, D.C. AHC is a developer of affordable and mixed-income communities. Bethesda-based CAPREIT owns and operates approximately 14,000 units of its own and is actively growing its third-party management business, according to a statement from the company.
ARLINGTON, VA. — FCP has provided $47.1 million in equity to Insight Property Group and PGIM for the development of Mira and Ador, two adjacent towers anchored by a 40,000-square-foot grocery store in Ballston Quarter, a mixed-use development in the Ballston neighborhood of Arlington. Located at 685 N. Glebe Road, the project is being developed on the site of a former Macy’s department store. Work is underway, and completion is slated for 2028. SK+I is the architect. The community has been designed to LEED Gold certification standards. Brian Crivella, Bill …
ALEXANDRIA, VA. — Berkadia has arranged an $84.1 million refinancing for Meridian Eisenhower Station, a 369-unit high-rise in the Washington, D.C., suburb of Alexandria. The lender was not disclosed. The sponsor was Paradigm Development Co. Patrick McGlohn and Patrick Cunningham of Berkadia DC Metro led the financing efforts, along with Brian Gould, Hunter Wood and Natalie Hershey. The property was 93 percent occupied at the time of closing. The 10-year loan proceeds will be used to retire the existing first mortgage while also returning equity to the borrower for reinvestment …
WASHINGTON, D.C. — The Langston on Seventh, a 204-unit apartment community, has opened at the corner of 7th and S streets in Washington, D.C. The developers were Quadrangle Development and Capstone Development. Cooper Carry was the architect, and SK&A and PDI provided engineering services. Built on the former site of a Howard University research building, the eight-story, 280,000-square-foot community features 14,554 square feet of ground-floor retail, a 74-space, below-grade parking deck, a lobby, a pool deck, outdoor grills and dining areas, coworking spaces, a chef’s kitchen, sports simulator, a conference …
FAIRFAX, VA. — Middleburg and Capital City Real Estate have secured land and financing for The Botanist, a 260-unit community in the Washington, D.C., suburb of Fairfax. The Botanist will include a single seven-story residential building with 260 units on approximately 3 acres. Floor plans will be available in layouts ranging from one to three bedrooms. Amenities will include a resort-style pool, fitness center, coworking spaces, ground-floor retail and a parking garage. Completion is slated for the third quarter of 2027.
WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has raised the yearly amount of low-income housing tax credits (LIHTCs) Fannie Mae and Freddie Mac can invest in affordable housing. Effective Aug. 5, the decision authorizes each GSE to invest $2 billion in affordable housing development. The previous cap was $1 billion. The move complements some of the affordable housing expansions in the One Big Beautiful Bill Act, including a 12 percent increase in states’ LIHTC allocations. “This step by FHFA is great news for housing providers seeking to use …
BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of …
WASHINGTON, D.C. — The One Big, Beautiful Bill Act (OBBBA), signed into law on July 4, contains provisions to incentive affordable housing investment and development, namely expansions of the 4 and 9 percent Low-Income Housing Tax Credit (LIHTC) programs and Opportunity Zone (OZ) codes. The bill provides a permanent 12 percent increase in the allocation of 9 percent LIHTC. Previously, each state received a limited amount of these credits to award each year to affordable housing projects. The law has increased that amount by 12 percent, which raises the chances …
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