Concord Communities Acquires 379-Unit Affordable Housing Asset
The firm has purchased a 30-building community in Washington D.C. and plans to invest more than $18 million in capital improvements.
WASHINGTON D.C. – Affordable housing owner and developer, Concord Communities has acquired a 379-unit affordable housing community in Washington D.C. for $39.5 million.
Located at 3048 Stanton Rd. SE, the community, Stanton Glenn, encompasses 30 four-story walk-up buildings. The property offers one-, two-, three- and four-bedroom residences.
Concord Communities plans to invest more than $18 million in capital improvements at Stanton Glenn, which was built in 1967. The firm plans to commence property renovations later this year.
The capital improvements will include upgrades to the residences, common areas and infrastructure. The unit renovations will consist of new flooring, cabinets and appliances, and the installation of higher-efficiency HVAC systems, plumbing and lighting fixtures. The firm will additionally refresh the building’s exteriors, add new roofing and potentially install solar panels.
The property is located near downtown Washington D.C., Nationals Park and the Southwest Waterfront.
Concord Communities has selected Edgewood Management as the property manager of Stanton Glenn.
“Concord’s top priority is to improve Stanton Glenn and position it as a comfortable and welcoming affordable housing option in the community,” states Mark Rivers, EVP at Concord Communities. “The mission of Concord Communities is to provide quality affordable housing, through rehabilitation and new construction, that benefits residents, improves neighborhoods and addresses our critical affordable housing shortage.”
Washington D.C.-based, EagleBank provided financing to support the acquisition and renovation of Stanton Glenn.