Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-Parkfair Apartments emerges from a $3.7-million restoration project that converted the 60-year-old property from a duck to a swan. Just a few years ago, Parkfair had been spotlighted by the local government as a condemnation-worthy residential community.

Construction wrapped up earlier this year, but the grand opening of the 31-unit apartment building–which will provide affordable-housing units for at least the next four decades–is scheduled to take place on April 24.

Located at 1611 Park Rd. in the Mount Pleasant area of the city, Parkfair was valued at only $775,000 when the Archdiocese of Washington’s Victory Housing agency acquired the property from the Parkfair Tenant Association in 2001.

“This project is a unique example of a public/private partnership, which could not have been accomplished without the passion of the tenants and vision of Victory Housing,” says Bank of America Washington Area president William Couper. BofA pitched in with renovation funds. Others who helped the Tenant Association to get the dilapidated Pickfair Apartments back in suitable living condition include the Department of Housing and Community Development and the Local Initiatives Support Corp., which supplied Victory Housing with the $775,000 acquisition loan.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.