WASHINGTON, DC – The District of Columbia Housing Finance Agency (DCHFA) has issued $23.1 million in tax exempt bonds for the construction of Alabama Avenue Apartments in Ward 8. The Agency underwrote $22 million in federal and local Low Income Housing Tax Credit equity for the development of this 100 percent affordable community.
As construction continues to increase in Ward 8, DCHFA is committed to ensuring that long-term residents are able to remain in their communities, stated Christopher E. Donald, Executive Director/CEO, DCHFA. Alabama Avenue Apartments will make that possible for 86 individuals and families, and ultimately get us closer to Mayor Muriel Bowser s goal of 12,000 new affordable homes by 2025.
Alabama Avenue Apartments will help address the need for family-sized units in the District by including 26 three-bedroom apartment homes. There will also be 28 two-bedrooms and 32 one-bedrooms. Nine units will be reserved for residents earning up to 60 percent of the area median income (AMI) and 59 units will be reserved for those earning up to 50 percent AMI. The remaining 18 units are designated Permanent Supportive Housing (PSH) reserved for residents earning 30 percent or less AMI, and they will receive Local Rent Supplement Program operating subsidy.
Enterprise Community Development, Inc. and Durrani Development Corporation are the developers of this community, with a total development cost of $49.2 million. Additional funding for this project came in the form of a $12.9 million Housing Production Trust Fund loan from the D.C. Department of Housing and Community Development (DHCD).
Alabama Avenue Apartments will be constructed in the Garfield Heights neighborhood. This community is located less than two miles from the Congress Heights Metro Station. It is in walking distance to The Crest at Skyland Town Center which includes a grocery store, pharmacy and other retail. Community amenities will include a laundry facility, bike storage, fitness room, a flexible community space on each floor, and on-site property management and PSH offices.
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

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WASHINGTON, DC – Toll Brothers Apartment Living®, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation s leading builder of luxury homes, and joint venture partner CrossHarbor Capital Partners, broke ground on Vermeer, a 13-tale, 501-unit multifamily rental and mixed-use community in Washington, DC The project is being financed through a construction loan facility from Bank OZK.
The March 8 groundbreaking celebration was hosted adjacent to the construction site at the Cambria Hotel and was attended by senior executives from Toll Brothers Apartment Living, CrossHarbor Capital Partners, development partners, and local officials. Vermeer started site work in late 2022 and is anticipated to open in 2024.
We are excited to add Vermeer to our growing portfolio of luxury rental communities in Washington, DC, said Michael Skena, Mid-Atlantic Regional Director of Acquisitions and Development for Toll Brothers Apartment Living. Toll Brothers has been building homes in this market for nearly thirty years. Now, with more than 3,000 rental units completed or under development in the area, Toll Brothers Apartment Living is extending the esteemed Toll Brothers luxury brand reputation even further into this dynamic market with Vermeer.
Located at 113 Potomac Avenue SW, Vermeer is a 13-tale building with 12 tales of residential atop ground-floor retail on an approximately 1.5-acre site. The property includes a 267-space below-grade parking garage with EV charging stations. Vermeer will also include approximately 37,000 square feet of ground-floor retail space for a diverse mix of neighborhood-serving and experiential-based retail.
Vermeer is situated in Washington s redeveloping and bustling Buzzard Point neighborhood within the Capitol Riverfront Business Improvement District, a dynamic, amenity-rich urban neighborhood along the Anacostia River. Prominently placed at the gateway to Buzzard Point, Vermeer overlooks the Frederick Douglass Bridge to Anacostia. Vermeer is also immediately adjacent to Audi Field — home to both of Washington, DC s professional men s and women s soccer teams, the D.C. United and the Washington Spirit — with a rooftop courtyard that provides residents unobstructed views directly into the stadium.
Vermeer is Toll Brothers Apartment Living s fourth transit-oriented development within Washington, DC, located within simple walking distance of both the Navy Yard and Waterfront Metro Stations. Vermeer also marks the continued expansion of the Toll Brothers luxury brand into the Washington, DC market, joining Union Place, Banner Lane, and Parc Riverside, the firm s 595-unit community also located in the Capitol Riverfront Business Improvement District. Vermeer will achieve LEED Silver certification. The property is also the fifth Opportunity Zone project developed by Toll Brothers Apartment Living in the U.S.
We are thrilled to join Toll Brothers Apartment Living once again as we break ground on Vermeer, said Allan Jones, Operating Partner at CrossHarbor Capital Partners. We are also pleased to finance the project with Bank OZK, which has underwritten many developments across the region.
Vermeer is amenity-rich with an elevated luxury offering among the residential rental communities in the rapidly redeveloping Buzzard Point neighborhood. Amenities on the penthouse level include a rooftop pool, fitness center with hydration bar, lounge area, and outdoor lounge and firepit. For residents to play and entertain, the penthouse also features a game room, a private dining room with bar, a fantastic room, an outdoor grill area, and tiered seating overlooking Audi Field. Additional amenities include courtyard lounges, a pet spa, coworking spaces, conference rooms, and bike and tenant storage. A second amenity space on the second level connects two courtyards with varying vantage points.
Residence features include quartz countertops with tile backsplashes, designer custom cabinetry, stylish waterproof wood-inspired flooring, keyless Latch door locks, efficient LED lighting, as well as convenient movable kitchen islands, smart urban mudrooms, oversized closets with custom closet organizers, private balconies and terraces, and views of the Anacostia and Potomac Rivers and Audi Field in select residences. Floor plans range from 461 to 1,556 square feet, with a unit mix that includes studios, junior one-bedrooms, one-bedrooms with and without dens, junior two-bedrooms, two-bedroom units with and without dens, and three-bedroom units.
Designed by KTGY, Vermeer hints at the legacy of the Buzzard Point neighborhood with a design inspired by the materials of neighboring Audi Field, featuring a sleek and contemporary aesthetic complemented by accents of warm wood siding, with brick-and-glass panels decorating the three wings of the W -shaped building clad in brick masonry.
Vermeer offers a rarified collection of apartment residences that artfully combine a curated set of best-in-class amenities in the Capitol Riverfront neighborhood, where aspiring professionals, District sports fans, and visitors to the nation s capital all convene. With sumptuous living spaces, welcoming hospitality offerings, and brilliant experiences to explore, Vermeer is a connected, expressive community at the forefront of southwest Washington s emerging Buzzard Point neighborhood.

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COLORADO SPRINGS, CO – An affiliate of The Axton Group and The Bascom Group announced they have closed on the sale of two multifamily communities, Park at Penrose and Park at Palmer, in Colorado Springs, Colorado, for $74.1 million. Park at Penrose with 374 units, and Park at Palmer with 112 units, are located at 3802 and 3903 Half Turn Road, in Colorado Springs, situated along N. Academy Boulevard near Austin Bluffs Parkway. These adjacent properties, formerly named Summer Grove and Tanglewood, are located in the Palmer submarket, the fastest rent growth submarket of Colorado Springs.
The Axton / Bascom Partnership bought the properties for $41.15 million in June 2019 and completed a successful multi-year renovation program to upgrade the apartment units and community amenities, resulting in significant renovation rent premiums.
The properties’ booming neighborhood is conveniently located near shopping, dining, outdoor recreation, and strong employment opportunities, driving organic rent growth during the Partnership’s investment period. Major local employers include Amazon and FedEx, located near the Colorado Springs Airport, which is only a 15-minute drive from the properties.
During the investment period, Colorado Springs continued to benefit from a steady influx of employers in the aerospace, military, technology, life science, healthcare and banking sectors who relocated to and expanded in this area. The nearby I-25 provides property residents simple access to many major employment hubs and a direct one-hour commute to Denver.
Park at Penrose and Park at Palmer offer one, two, and three bedroom apartment options. Renovated units include new kitchen appliances and cabinets, updated flooring and lighting fixtures, and bathroom vanities. The properties feature a state-of-the-art fitness center, a dog park, pool, a club house with game rooms and billiards, business centers, and grilling and picnic areas. The Partnership loved several years of strong operating cash flow and successfully re-financed the properties in February 2022.
Axton and Bascom are continuing to focus on investments in the multifamily sector across the United States, with a focus on value-add opportunities that arise as pricing resets amid significant global macroeconomic pressures. The Partnership is grateful for the efforts of the entire team involved in stewarding these assets over the past four years, leading to a successful outcome for the Partnership.

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