WASHINGTON, DC—Urban Pace and 10 Square Real Estate have closed on the sale of two Inclusionary Zoning affordable condominiums at Centrie, a 22-unit condominium development in Shaw. They are the fifth and sixth IZ units to be sold in the District since the IZ program launched in 2009.
10 Square Real Estate specializes in the IZ process, offering a database of qualified prospective buyers, knowledge of the IZ regulations, regular communication with the District government, and relationships with lenders that can provide financing under the IZ covenants.
That expertise is why Urban Pace tapped 10 Square, says Lynn Hackney, president of Urban Pace. "We realized that the complexity of the IZ process requires a dedicated sales and marketing team," Hackney says in a prepared statement.
Another notable in the transaction is Centrie, which has been developed by District-based Community Three. Located at 435 R Street, NW, it is the first new condominium development of its size in Shaw in over a decade. All of Centrie's 20 market-rate condominiums are now sold out. One of the two recently closed IZ units at Centrie sold to a buyer who makes 50% of area median income (AMI); the other sold to a buyer who earns 80%.
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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.
