Author Archives: ipgocorp

Crozet community members express concerns about proposed apartment complex

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(RECAP: Several members of the Crozet community expressed concerns at a recent meeting of the Crozet Community Advisory Council about a proposed downtown apartment complex off Blue Ridge Avenue. The initial site development plot for The Vue calls for the construction of nine two-tale buildings with 14 apartments in each building — a total of 126 units. Other aspects of the plot include a one-tale clubhouse and a pool with a concrete deck. One member of the Albemarle County Plotting Commission said that while Crozet needs more apartments, she feels the proposed development would not fit with the surrounding neighborhood.)

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Senators Cantwell and Hatch Introduce Housing Credit Cap Increase Legislation

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(RECAP: On May 19, Senator Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced S. 2962, the Affordable Housing Credit Improvement Act of 2016, which would enact several of NCSHA’s Housing Credit-related legislative priorities. The bill would address the severe shortage of affordable rental housing by increasing Housing Credit authority by 50 percent over five years beginning in 2017 and providing states additional flexibility in their program administration. The legislation also increases the small state minimum by 50 percent, also over five years. In addition to the cap increase, the legislation would set a minimum 4 percent Housing Credit rate for both acquisition Credits and for Housing Bond-financed Credit properties, allowing states to provide more Credit equity to these developments if necessary to achieve their financial feasibility.)

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Washington REIT Completes Acquisition of Riverside Apartments in Alexandria, Virginia for $244.8 Million

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ALEXANDRIA, VA – Washington REIT closed the previously announced acquisition of Riverside Apartments, an apartment community in Alexandria, VA, consisting of 1,222 units and potential onsite density to develop additional units, for $244.8 million.

The currently 98% leased Riverside Apartments is located half a mile from Metro, near the intersection of Route 1 and the Capital Beltway, in the heart of the dynamic Huntington Metro market. The market anchors the North end of the Fort Belvoir-Carlyle employment corridor where new employers such as The National Science Foundation and MGM National Harbor are expected to make rapid job growth within three miles of the property over the next 18 months.

“Similar to The Wellington, this research-led acquisition demonstrates our disciplined capital allocation through the buy of value-add, urban-infill multifamily assets with strong income growth potential at a significant discount to replacement cost,” said Paul T. McDermott, President and Chief Executive Officer of Washington REIT. “Our research identified Riverside Apartments to be well-located in a submarket with strong employment drivers and limited supply. The asset provides us with a compelling opportunity to renovate approximately 850 units to generate rental growth, and the potential opportunity to develop additional units onsite, thereby offering multiple price points in a submarket with a strong population of renters.”

Comprised of three 15-tale concrete buildings on approximately 28 acres, Riverside Apartments features a clubhouse with a leasing center and management office, two tale fitness center, large exercise studio, social room, outdoor pool with lap pool and an outdoor theater.

Washington REIT is a self-administered, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. Washington REIT owns a diversified portfolio of 55 properties totaling approximately 7 million square feet of commercial space and 4,480 residential units, and land held for development.

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