WASHINGTON, DC – CVS Health announced it will invest $9.2 million with WNC & Associates, Inc. to provide 41 units of much-needed affordable housing for families and individuals in Washington, D.C. This investment is part of CVS Health’s commitment to address racial difference and social determinants of health in underserved communities.
“When people have access to high-quality, affordable housing, it puts them in a better position to take care of their health and manage chronic disease,” said David Casey, Senior Vice President and Chief Diversity Officer, CVS Health. “As part of our commitment to address social justice and racial difference, we’re addressing social determinants of health at the community level, which is where we can make a meaningful and lasting impact.”
According to the DC Fiscal Policy Institute, Washington, D.C. has one of the highest poverty rates in the country, behind only Mississippi, Louisiana, and New Mexico. At 18.6%, it is significantly higher than the national average of 12.7%.
CVS Health is working with The NHP Foundation (“NHPF”) and Legacy Real Estate Development to build the 41-unit affordable housing development which will be located at 17 Mississippi Avenue in the Congress Heights area in DC’s Ward 8. Other funding partners include District of Columbia Housing Finance Agency, Citi Community Capital, and the DC Department of Housing and Community Development’s Housing Production Trust Fund.
“The resources brought together by this partnership ensure that residents at 17 Mississippi will delight in new rental housing and amenities in a transforming affordable neighborhood,” said Tim Pryor, Vice President, Acquisitions, NHPF. “We are grateful to the funders for enabling this vital construction.”
The new development, which is called 17 Mississippi Apartments, will offer a mix of studios, one bedroom, and three-bedroom apartments to families and individuals with demonstrated need. Nine of the 41 units will provide permanent supportive housing for people who are experiencing homelessness or are in need of mental health support. Another nine units will have preference for income-qualified artists. Plotted amenities include on–site management, a community room, artist studio and bicycle storage. All units are reserved for residents who earn at or below 50% of Area Median Income.
Community Connections, an experienced non-profit mental health agency, will provide residents with case management support, including life skills, counseling and homeless services, recovery and treatment programs, family and youth services and employment resources. The community is under construction with expected completion in mid-2023.
“Our investment in the D.C. community will provide safe housing with direct access to care — a commitment that will have a direct impact on the local community for years to come,” said Mike Bucci, President, Capitol Market, Aetna, a CVS Health company.
As CVS Health works to address social determinants of health in Washington, D.C., the company is also exploring opportunities to expand its national workforce initiatives program in the area to help break the cycle of poverty by providing employment services and training to the community.

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ATLANTA, GA – Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, announced Overture Powers Ferry, from its Active Adult portfolio designed for the 55+ demographic, is open with go-ins beginning now.
“Overture Powers Ferry provides the perfect location for someone seeking to become a member of an active community located in the heart of Cumberland near shopping, dining, and entertainment with simple access to the main freeways,” Malcolm Bemba-Kaye, Regional Property Manager said. “Residents delight in the resort-inspired amenities that act as an extension of each apartment home and offer a place to meet like-minded adults in a similar stage of life.”
Floorplans come in one- and two-bedrooms and feature high-end designer finishes and features. Every apartment home has the perfect amount of space to fit residents’ needs while also delivering a maintenance-free lifestyle.
Community amenities include an expansive clubhouse with wine room, a demonstration kitchen, large pool courtyard, fitness center and a yoga studio. Additionally, the community has complimentary services that include social hours and culinary experiences, educational events and cultural outings. It is also located near Truist Park and the Battery so there is always something to do.

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NEW YORK, NY – Lightstone, one of the most diversified privately held real estate companies in the U.S., announced the acquisition of a 27-asset multifamily portfolio in suburban Detroit, MI.
The portfolio includes 7,810 multifamily units and an 11,000-square-foot office building spread across 19 different submarkets. Lightstone has successfully owned multifamily properties in Detroit, MI for over fifteen years and continues to operate its assets through Lightstone’s management company, Beacon Management. Lightstone’s business plot includes adding amenities, improving common areas and renovating unit interiors. The transaction will increase Lightstone’s Detroit multifamily holdings from 5,400 units to over 13,000 units, and will grow Lightstone’s national multifamily portfolio to over 23,000 units.
“This strategic acquisition allows us to leverage our experience and long-term success as multifamily investors” said Mitchell Hochberg, President of Lightstone. “We are truly excited to bring these properties into the Lightstone family.”
Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 25 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 160 existing properties, Lightstone’s over $7.5 billion portfolio currently includes over 6.5 million square feet of industrial, logistics, and life sciences properties, over 23,000 residential units, and over 4,300 hotel keys. Lightstone’s development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami. Lightstone also owns over 10,000 land lots across the country.

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