Washington, D.C.

A 3D render of Ltd. Med Center, a contemporary-style community in Houston.

MAA Reclaims Top Spot in NMHC’s Ranking of Top 50 Apartment Owners

by Channing Hamilton April 24, 2023

WASHINGTON, D.C. — Mid-America Apartment Communities (MAA) has reclaimed the title of largest apartment owner in the U.S., up from the No. 2 spot a year ago. Even though MAA owns fewer units today than it did in 2022, when its portfolio size was 100,002 units, the company dethroned Starwood Capital Group from the top of this year’s list. MAA previously held the No. 1 spot in 2021. The newly released ranking from the National Multifamily Housing Council (NMHC) shows Germantown, Tennessee-based MAA owned 99,676 units at the end of 2022, …

April 24, 2023

Affordable Housing Development News Northeast Washington, D.C.

Joint Venture Underway on $49.2 Million Affordable Project in D.C.

by Lynn Peisner March 23, 2023

WASHINGTON, D.C. — Enterprise Community Development and Durrani Development Corp. have broken ground on Alabama Avenue Apartments, an affordable housing community in the Garfield Heights neighborhood of Washington, D.C. The project cost is $49.2 million. Construction is estimated to be complete in October 2024. The District of Columbia Housing Finance Agency (DCHFA) has issued $23.1 million in tax exempt bonds for the construction of the project. Additional funding sources include a $12.9 million housing production trust fund loan from the D.C. Department of Housing and Community Development (DHCD). Alabama Avenue …

March 23, 2023

A 3D render of Vermeer, a 13-story grey and white building.

Development News Northeast Washington, D.C.

Toll Brothers Underway on 501-Unit Mixed-Use Project in Washington, D.C

by Channing Hamilton March 15, 2023

WASHINGTON, D.C. — Toll Brothers Apartment Living, a subsidiary of Toll Brothers Inc., is developing Vermeer, a mixed-use project in the Buzzard Point neighborhood of Washington, D.C. Vermeer’s development is being financed through a construction loan from Bank OZK. The project was designed by architecture firm KTGY. Site work on Vermeer began in December 2022, and the building is expected to open in 2024. Vermeer will rise 13 stories and include 37,000 square feet of ground-level retail space. The property’s 501 units will be available in studio, one-, two- and …

March 15, 2023

Affordable Housing Finance News Northeast Washington, D.C.

FHFA Confirms Disbursement of $545 Million for Affordable Housing Programs

by Kari Lloyd March 8, 2023

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has confirmed that the Housing Trust Fund and Capital Magnet Fund will receive approximately $545 million for affordable housing initiatives from Fannie Mae and Freddie Mac. According to Sandra Thompson, director of the FHFA, a portion of every loan purchased by Fannie Mae & Freddie Mac is allocated to the Housing Trust Fund and the Capital Magnet Fund. The Housing Trust Fund, overseen by the U.S. Department of Housing and Urban Development, will receive $354 million. The Housing Trust Fund allocates …

March 8, 2023

A construction site for the redevelopment of a hotel building.

Architecture & Design Development Features Northeast Washington, D.C.

ULI Report: Commercial-to-Multifamily Conversions Bring Balance to Markets

by Channing Hamilton March 6, 2023

WASHINGTON, D.C. — With many office buildings, hotels and shopping malls sitting vacant or underutilized, repurposing commercial properties into multifamily housing is growing more commonplace. A recently released report suggests that these conversions could be financially feasible across a broad range of markets and circumstances. “Conversions have existed for decades, but the pandemic has accelerated their growth potential by rendering more commercial properties obsolete,” says Anita Kramer, senior vice president of the ULI Center for Real Estate Economics and Capital Markets. “Our research demonstrates that there’s no ‘cookie-cutter’ formula for …

March 6, 2023

Development News Northeast Virginia Washington, D.C.

PRP Completes 212-Unit Office Conversion Project in Alexandria, Virginia

by Kari Lloyd March 1, 2023

ALEXANDRIA, VA. — PRP has completed the conversion of an office building at 4900 Seminary Road in Alexandria into a 212-unit apartment tower named the Sinclaire on Seminary. The high-rise features apartments averaging 850 square feet in size with ceilings exceeding 10 feet in height. Amenities include ground-level retail space, a dog park, individual storage spaces, indoor parking garage connected by a covered walkway and outdoor lounge areas with firepits, a bocce ball court and outdoor recreational activities. Kettler is the property manager of Sinclaire on Seminary. Monthly rental rates …

March 1, 2023

Development News Northeast Washington, D.C.

Skanska Tops Out 12-Story OZMA Development in Washington, D.C.

by Kari Lloyd March 1, 2023

WASHINGTON, D.C. — Skanska has topped out OZMA, a 12-story, mixed-use development, at 44 M St. Northeast, in the city’s NoMa neighborhood. Designed by Handel Architects, OZMA will feature 275 units and 7,700 square feet of retail space. The ground floor will include a secret garden, library lounge, meeting and workspaces, fitness center with flex studio and an art studio with a social bar. The penthouse offers a wellness center with tranquility cabanas, outdoor fireplace and solarium garden. The top floor also offers an expansive terrace with a heated pool, …

March 1, 2023

Affordable Housing Finance News Northeast Washington, D.C.

EagleBank Provides $25 Million in Construction Financing for Affordable Housing Project in Washington, D.C.

by Kari Lloyd February 14, 2023

WASHINGTON, D.C. — EagleBank, a Washington, D.C.-based community bank, has provided $25 million in construction financing to The Community Builders (TCB) and Dantes Partners for a new 100 percent affordable development in the Park View neighborhood of Washington, D.C. The development is part of the larger Park Morton and Bruce Monroe redevelopment plan to transform a 174-unit former public housing property into a mixed-income community of nearly 500 units. Upon completion, the five-story development will offer 142 units, including 40 public housing replacement units. Planned amenities include a rooftop lounge, …

February 14, 2023

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