To bridge the widening gap of housing affordability available regionally, Community Redevelopment announced the launch of its subsidiary, Artistry, which recently acquired two multifamily rental condominium properties in Washington D.C.
Artistry is a real estate development company based in Annapolis, Md., focused on building and renovating for-rent housing
With the two properties, Artistry, LLC acquired 51% ownership interest in with an appraised value upon completion totaling $6,269,430 assigned from Richard Balles in a cash-and-stock transaction.
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The total combined appraised property value upon completion is expected to be $12,293,000.
The first property is located at 1000 18th St NE with a designed total of 10 units and includes: one 3-bedroom, five 2-bedroom, four 1-bedroom units and an appraised value upon completion of $4,400,000.
The second property, 1320 8th St NW with a designed total of 9 units will include: two 2-bedroom plus den, two 2-bedroom, and five 1-bedroom units and an appraised value upon completion of $7,893,000. The properties are in the construction process.
Washington fits a national trend of key markets lacking affordable housing. It has nearly 40,000 families on a waiting list, according to the DC Fiscal Policy Institute, whose mission, like CRDV's, is to create a more equitable future.
Lara Fritts, the Chief Executive Officer of CRDV said in prepared remarks, "We are changemakers for the future. Housing is an essential, base need and we are on track to continue to provide more affordable and diverse options."
According to The National Housing Commission there is a shortage of over 7 million affordable homes nationwide.
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