ARLINGTON, VA—AvalonBay Communities Inc. has sold the Arna Valley View Apartments here to the Arlington Partnership for Affordable Housing for $14 million.
The 101-unit development at 2300 S. 25th St. sold for approximately $138,613 per unit, according to the Washington Business Journal.
Arlington Partnership for Affordable Housing CEO Nina Janopaul says the group's purchase will ensure units at the community will remain affordable to low-income residents in Arlington County.
The deal increases the partnership's portfolio to 14 properties in Arlington and more than 1,200 units in Arlington County.
"APAH welcomes the opportunity to preserve this community to be 100% affordable for the next 60 years and provide homes for some of our lowest-income neighbors," Janopaul says.
In late 2013 the Arlington County Board approved an $8.3-million loan to assist APAH purchase the Arna Valley View Apartment development. See story in the Washington Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
