According to the Times, Jefferson One principal Bob Young has pledged to work with next door Wilden property owners to resolve the differences that affect both properties. The Falls Church Housing Corp. and Boston-based Community Builders are the principal backers of that project, which was previously known as City Center South Senior Apartments.
Assuming this deal closes, it will be a new source of affordable housing in a submarket where such projects are rare. That is changing somewhat, as multifamily in general begins to take off and the state of Virginia steps up its financial support of affordable housing. For example, late last year Kettler sold a local apartment building called Fields at Westover with financing provided by the Virginia Housing Development Authority.
Another example is the Ellicott City, MD-based Orchard Development's $15.5-million purchase of the Chesapeake, a 184-unit, garden-style rental community in Dumfries, VA, last month using Low Income Housing Tax Credits as well as a bond issuance.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
