WASHINGTON, DC – NHPF, a national not-for-profit provider of quality affordable housing, announced that it has closed on the acquisition of Elm Gardens Apartments, a 3-tale building with 36 apartments and parking spaces in the Takoma neighborhood of Washington, D.C. The acquisition is made possible via a $7.5M loan from the Low Income Investment Fund (LIIF) funded through the DC Preservation Fund, a joint venture between LIIF and the DC Department of Housing and Community Development (DHCD), and a $2M acquisition/predevelopment loan from the National Housing Trust (NHT).
Elm Gardens Apartments is a key addition to the community, converting naturally occurring affordable housing (NOAH) at risk of being lost, into LIHTC housing, said Mansur Abdul-Malik, SVP of Development, NHPF, The development is made possible via the Tenants Opportunity to Buy Agreement, (TOPA) the District s unique partnership program between developers and tenant associations. Elm Gardens marks NHPF s eighth TOPA deal in the District.
NHPF plans to demolish the existing structure and replace it with up to 110 units of new construction that will be at least 90% affordable, with an average AMI of no more than 60%, added Michael Simon, lead developer on the property, This is due to some of the existing residents being over-income for the LIHTC program.
The new building is expected to feature 23 studio, 53 one-bedroom, and 34 two-bedroom residences as well as onsite resident services provided by NHPF subsidiary, Operation Pathways. Additional amenities include an onsite gym, bike parking, mail room, community room with an office for the Tenant Association, community roof deck, and onsite management and leasing offices.
New construction is scheduled to commence in 2024, dependent upon a LIHTC award and soft financing from DHCD through the Housing Production Trust Fund (HPTF).
The opportunity to deliver 110 new construction apartments, 10% set-aside as permanent supportive housing, is in keeping with NHPF s mission to preserve affordability, said NHPF CEO Richard F. Burns. Elm Gardens Apartments will offer new options for quality housing in a vibrant community.

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SEATTLE, WA – Security Properties bought Toscana Apartments, a Class-A multifamily property located in Lacey, WA. Security Properties now owns 31 assets totaling over 6,800 units in the Puget Sound marketplace.
Toscana is a Class-A, garden-style community that was delivered in two phases between 2019 and 2021. The asset consists of 393 apartment homes spread across 6 four-tale and 5 three-tale residential buildings and one two-tale clubhouse. The unit mix features an attractive range of floor plans with an average unit size of 797 square feet. Unit interiors consist of quartz countertops, custom cabinets, stainless steel or black appliances, hard-surface flooring with carpet in bedrooms, full-sized washer/dryers, 9-foot ceilings (vaulted top floor), and private patios or decks in select units. From an amenity perspective, the gated property offers a clubhouse lounge, outdoor pool and hot tub, fitness center and on-property walking trail.
Originally established as a suburb of Olympia, the City of Lacey is situated just five miles east of the state’s capital at the southern tip of the Puget Sound. With more than 1,200 acres of public parkland, an adjoining 3,700-acre national wildlife refuge, five freshwater lakes and several championship golf courses, the city is best characterized by its virtually unlimited opportunities for outdoor recreation. The area also boasts a low crime rate, a healthy economy and proximity to major metropolitan areas (~30 minutes south of Tacoma).
At the property level, access to Interstate 5 is just one mile southeast, providing residents direct access south to the neighboring cities of Olympia and Tumwater, as well as north to Joint Base Lewis McChord and the City of Tacoma. From a retail standpoint, Hawks Prairie Village Mall, a 154,000 sq. ft. shopping center anchored by Safeway, is located less than 2 miles away. Several huge box retailers also surround the mall including Costco, Walmart, Home Depot, and Best Buy. Additionally, Cabela’s sporting goods is only 2 minutes south on Gateway Blvd.
The business plot is a long-term yield investment with light upgrade characteristics. While the asset currently offers a best-in-class amenity package and well-appointed living units, Security Properties has identified several opportunities to further emphasize this strength. They also plot to address a small list of minor immediate needs on the property as necessary.
According to Alex Gauper, Director at Security Properties, “Toscana represented a unique opportunity to buy a high-quality asset at a basis well below current replacement cost and in a submarket with brilliant long-term fundamentals. We have been actively focused on growing our South Sound portfolio and specifically Lacey, a stable submarket with a diverse mix of demand drivers and very limited historical supply. We are very excited to add Toscana to our Pacific Northwest portfolio and look forward to delivering strong returns to our investors over our hold.”

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LAS VEGAS, NV – Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, announced that it has broken ground on Marlowe Centennial Hills, the first for the Marlowe brand in Las Vegas, which is scheduled to deliver its first units in early 2024 with final completion scheduled for Q3 2024.
“We’re excited to bring sophisticated living made simple to Las Vegas,” Billy Cundiff, Greystar Desert Managing Director for Development, said. “This is our first Marlowe-branded apartment community not only in Las Vegas, but also in our Desert region. And we can’t wait to deliver a thoughtfully designed community that will make an unmatched experience for our future residents.”
Marlowe Centennial Hills will feature one-, two- and three-bedroom floor plans that range from 624 sq. ft. to 1,312, sq. ft. Apartments will be fitted with high-end finishes including quartz countertops, a tiled backsplash, stainless steel appliances and wood-look flooring throughout.
Community amenities will be highlighted by a Vegas style poker room, desert themed sports lounge and resort style pool featuring an oversized spa. Residents will also delight in an expansive fitness center, co-working space, dog spa and private party and media room.
Marlowe Centennial Hills is located less than 25 minutes from the Las Vegas Strip and Harry Reid Airport and just 15 minutes from the high-end Summerlin neighborhood. Closer to home, residents can explore Mountain Ridge Park which has a skate park, tennis courts, a jogging path and more. Nearby shopping includes Montecito Marketplace, which is a lifestyle specialty center with 40 stores, and the Centennial Center with 104 stores. Also, nearby is the Centennial Hills Hospital Medical Center.
Greystar is working with two well-known firms to bring this project to fruition. Architect Todd & Associates and interior design firm Mannigan Design are bringing the desert-themed community to life.

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