WASHINGTON, DC – Concord Communities, a Washington, DC-based affordable housing owner and developer, has bought Stanton Glenn, a 379-unit affordable housing community at 3048 Stanton Road, SE in Washington, DC for $39.5 million.
Concord plans to invest over $18 million in capital improvements to Stanton Glenn including upgrades to the residences, common areas and infrastructure, and will continue to accept housing vouchers. Concord Communities is a wholly owned affiliate of national real estate investor manager and developer Lowe.
Concord s top priority is to improve Stanton Glenn and position it as a comfortable and welcoming affordable housing option in the community, said Mark Rivers, executive vice president of Concord Communities and Lowe. The mission of Concord Communities is to provide quality affordable housing, through rehabilitation and new construction, that benefits residents, improves neighborhoods and addresses our critical affordable housing shortage.
Concord selected Edgewood Management as the property manager because of its experience and track record providing engaged and responsive onsite property management, improved maintenance and supportive resident services. Founded in Washington, DC, Edgewood has managed affordable housing for over 50 years and has more than 30,000 units under management in conjunction with its sister company Vantage Management.
Stanton Glenn, built in 1967, offers 1-, 2-, 3- and 4-bedroom residences in thirty, four-tale walk-up buildings. Concord anticipates commencing property renovations later this year. The renovation plot includes residential unit upgrades including new flooring, cabinets and appliances and the installation of higher-efficiency HVAC systems and plumbing and lighting fixtures along with a refresh of the building exteriors and new roofs. The team is also investigating options for the installation of solar panels.
Stanton Glenn is conveniently located near downtown and just minutes from Nationals Park and the Southwest Waterfront, with many nearby Metro stations and bus stops. The area immediately surrounding the property is undergoing a resurgence that is bringing new vitality to the community with mixed-use, retail, and multifamily properties, entertainment venues and a new hospital being developed. The nearby 11th Street Bridge Park, to be completed in 2022, will transform the freeway bridge over the Anacostia River into an elevated park and new civic space with spaces for performances, recreation and education.
Concord Communities is actively pursuing acquisition and development opportunities to make affordable housing communities in the Mid-Atlantic region.
Contributing positively to our communities is one of our company s foundational values. We see an opportunity to make meaningful change at Stanton Glenn, added Rivers.
EagleBank, one of the largest community banks in the Washington, DC area, provided financing to support the acquisition and renovation of Stanton Glenn.

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FORT WORTH, TX – DLP Capital, a private real estate investment and finance firm, announces it has bought two tracts of land in Fort Worth, Texas with plans to build two rental home communities.
Orchard Farms will be located at Shelby Road & Rendon Road in Fort Worth and is where DLP will develop and build a 643 single-family rental home community.
Mansions at Marine Creek, located at 5201 Shadydell Drive in Fort Worth, TX, DLP will construct a 638 multifamily rental home community, bringing a combined total of more than one thousand homes for rent to Fort Worth.
We re pleased to provide single family and multifamily rental home communities in Fort Worth, said DLP Capital Founder and CEO Don Wenner. There is a growing demand for affordable workforce housing to rent across the country, and DLP will be able to supply the area with groundbreaking new, state of the art homes.
The land for both projects was bought from one of DLP s Elite Members, JMJ Development, which will stay involved in the operation as development partners. The construction plot consists of 3 phases with building taking place over the next two to three years.
Our goal at DLP is to be the nation s leader in developing rental home communities, said Wenner. Because of our experience, we know the value rental home communities like these can have on the greater community. We look forward to continuing our investments into thriving and growing cities like Fort Worth.

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MEXICO BEACH, FL – The St. Joe Company announced commencement of development of a new 216-unit apartment community to be a part of its larger master plotted community in Mexico Beach, Florida. Site work for the apartment community is underway on the west end of Mexico Beach near U.S. Highway 98 and the town s public boat ramp. St. Joe is making the plotted apartment community with joint venture partner HomeCorp.
These apartments will join a 42-unit townhome community currently under development in St. Joe s master plotted community which is plotted for a total of 944 residences to include a mix of single-family homes and additional apartments and townhomes as well as a walkable commercial village.
This location is approximately 12 miles from the main gate of Tyndall Air Force Base which is undergoing a multi-billion dollar redevelopment to make what The United States Air Force is calling the base of the future. Plans call for the 216 units to feature a mix of one-, two- and three-bedroom apartments, each with a screened balcony or patio. The apartment community s plotted amenities include a clubhouse with a fitness center and an internet café, a pool, a playground and a dog park as well as a gated entry for residents. Future phases include plans for an additional 201 apartments.
The demand for housing in Mexico Beach is very high and with the ongoing redevelopment of Tyndall Air Force Base, we expect that demand to continue to grow, said Dan Velazquez, Senior Vice President of Commercial Real Estate for St. Joe. Given the location, the plotted amenities and the mix of floorplans that we plot to offer, our anticipation is that this community will attract a mix of people who serve or work at the base, as well as people who just want to delight in the unique Mexico Beach lifestyle.
HomeCorp is pleased to work with St. Joe on this project to bring much-needed, quality apartment community living to Mexico Beach, said Herbert Scheuer, Principal of HomeCorp. We look forward to welcoming residents and bringing our unique approach to multi-family housing to this gorgeous area. St. Joe and HomeCorp have partnered in the past to make the Watersound Origins Crossings and Pier Park Crossings apartment communities.
With the addition of this apartment community, St. Joe s apartment portfolio includes 1,333 units that are either completed or under construction. Plans call for the first apartment units in this apartment community to be available for lease in 2023 and all units in this first phase being completed by early 2024.

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