WASHINGTON, DC – The District of Columbia Housing Finance Agency (DCHFA) closed out the month of June by financing the construction of Shepherd Park Apartments. DCHFA issued $16.3 million in tax exempt bonds and underwrote $1.8 million in Low Income Housing Tax Credits for the construction of 66 new affordable apartments at 7428 Georgia Avenue NW in Ward 4.
Every deal that the Agency closes makes more affordable housing for District residents and brings us closer to meeting Mayor Bowser s goal of developing 12,000 new affordable units by 2025. As a Ward 4 resident, the development of Shepherd Park Apartments is of special interest to me and I look forward to watching the construction of this new community, stated Christopher E. Donald, Executive Director/CEO, DCHFA.
Additional financing for Shepherd Park Apartments will be provided in the form of an $11.7 million loan from the DC Department of Housing and Community Development s Housing Production Trust Fund.
The residents of Shepherd Park Apartments (7428-7434 Georgia Avenue Tenants Association) exercised their rights under the Tenant Opportunity to Buy Act (TOPA) to obtain the property. The tenants selected Lock 7 Development to lead the $33.7 million redevelopment that will include the demolition of 3 two-tale apartment buildings with 13 apartments currently on the site. The developer s agreement includes a relocation and return plot for the current tenants. All the tenants have successfully been relocated at this time.
Lock 7 intends to replace the existing buildings with a new 66-unit building which will not only preserve 13 affordable apartments at this location but produce 53 new affordable units. The new Shepherd Park Apartments will consist of 10 efficiencies, 34 one-bedroom, 2 two-bedroom units, and 20 three-bedroom apartments reserved for residents earning 30-60 percent of area median income. Thirteen of the building s units will be designated Permanent Supportive Housing (PSH). The new development will also have two market rate two-bedroom units.
Property amenities at Shepherd Park Apartments will include a green roof, bike storage, along with a club and fitness rooms. The development will also include a 92 square foot office space for the on-site PSH service provider, Community Connections, and will be equipped with a 24-hour monitoring/call system. Plotted amenities for the apartments are energy efficient washers and dryers, electric ranges, microwaves, and dishwashers. Shepherd Parks Apartments will be located just north of The Parks at Walter Reed redevelopment, which will further add to the neighborhood s amenities upon completion.
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.

Powered by WPeMatico

DAVENPORT, FL – Middleburg Communities, a fully integrated multifamily development, investment, construction and management company operating in the southeastern and mid-Atlantic United States, and Stockbridge, a private equity real estate investment management firm, announced that they have bought Indigo Champions Ridge, a 300-unit Class A multifamily community located in Davenport, Florida, a suburb of Orlando, one of the fastest-growing Metropolitan Statistical Areas in the country.
Middleburg will take over management, operations and leasing responsibilities at the community, which was completed in 2022 and features resort-style amenities, a modern clubhouse and high-end finishes.
We are pleased to enter the Orlando market with the acquisition of Indigo Champions Ridge, one of the area s premier multifamily communities, stated Chris Finlay, CEO of Middleburg Communities. We leveraged our proprietary data, research and analytics platform to study the market and are very bullish on its long-term fundamentals. We look forward to utilizing our proven operating platform to unlock value for our investors and deliver an exceptional living experience for our residents.
Indigo Champions Ridge comprises three, 10-tale residential buildings situated on approximately 17 acres. The property offers a mix of 1-, 2- and 3-bedroom units with a variety of spacious and thoughtfully-designed floorplans. All units feature 10-inch textured ceilings, designer plank flooring, high-end lighting fixtures, oversized closets, ceiling fans in master bedrooms, granite countertops, stainless steel appliances, full-size washer/dryers and more. Premier amenities at the property include a resort-style swimming pool, a yoga lawn and a 24-hour state-of-the-art fitness center.
Located along heavily-traveled Ronald Reagan Parkway and the US-27 logistics corridor, Indigo Champions Ridge offers residents simple access to several well loved retail, dining and entertainment destinations and many of the region s major employers, including Disney, Walmart, Amazon, Ford, FedEx, UPS and CVS. Furthermore, the property sits just 15 minutes from Disney World and Universal Orlando, approximately 30 minutes from downtown Orlando and Lakeland, and less than one hour from Tampa.
Adam Bieber of Bellwether Enterprise structured the joint-venture between Middleburg and Stockbridge and the financing for the deal, which was provided by Synovus Bank.

Powered by WPeMatico

BALTIMORE, MD – San Francisco-based real estate investment firm Hamilton Zanze announced the buy of Echelon at Odenton Apartments, their 14th acquisition in the state of Maryland. The firm closed the deal on this Class-A property on June 28, 2022.
The Echelon at Odenton property is a garden-style community built in 2016 on 6.6 acres. The property was 97% occupied at buy and is comprised of a single-tale central clubhouse and two five-tale residential buildings. These units range from 759 square feet to 1,456 square feet. The community includes several upscale amenities such as a state-of-the-art theater, barbecue and grilling areas, clubhouse, TV lounge and bar, playground, game room, pool, covered bike storage, and many others. Unit amenities include storage space, in-unit washers/dryer, stainless steel appliances, walk-in closets, loft floorplans, high ceilings, and more.
“We are excited to further expand our presence in Maryland with the buy of Echelon at Odenton,” said David Nelson, Hamilton Zanze’s chief investment officer. “The 2016 mid-rise community features best-in-class amenities, a central location near the largest employers in the state of Maryland like Fort Meade, and close proximity to an abundance of retail and entertainment in Downtown Baltimore. This property is in a strong position due to its stable, high-income tenant base employed in essential roles across military and government positions.”
The property is located at 315 Nevada Avenue in Odenton, located in the Baltimore Metropolitan Area. Its position within the Baltimore MSA provides simple access to major employment markets and entertainment options. There are 10 Fortune 500 companies based in the Baltimore metro, including McDonalds, DISH Network, Dollar Tree, and International Paper. Odenton is also a top regional destination for locals and tourists, as it offers many unique restaurants, coffee shops, outlets, amusements rides, and events. With this latest acquisition, HZ now owns and operates six properties in the Baltimore market.
HZ’s capital improvements will include site and landscaping enhancements, amenity updates, unit maintenance repairs, and sustainability implementation. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.

Powered by WPeMatico