Fort Chaplin Park Fort Chaplin Park

WASHINGTON, DC–Fort Chaplin Park, a 549-unit garden-style apartment complex located at 4212 E Capitol St., NE, has just traded for $49 million, or $89,253 per unit. But that is just the start of the changes on the way for the affordable housing property, which was first developed in 1963 and renovated in 2005.

McLean, VA-based E&G Group sold the complex to a Los Angeles-based nonprofit Standard Property Co., which will renovate the property in a $96 million project, according to the District of Columbia Housing Finance Agency. A call to E&G Group was not return in time for publication.