WASHINGTON, DC-An affordable-housing community here, PortnerPlace, is being marketed for sale. The property, located at 1449 USt., NW, consists of three buildings for a total of 48 units. JonesLang LaSalle’s Al Cissel, Scott Melnick and Christine Espenshadeare marketing the property, and Shawn McDonald is leading thefinancing efforts.
Espenshade says that more institutional investors are enteringthe local affordable-housing market. “While we’re seeing verystrong rent growth in the market-rate space, we’re also seeinggrowth in affordable. This year, we can expect to see an increasein affordable-housing opportunities come to market as investorsbecome more comfortable with the sector as an investmentproduct.”
Affordable-housing investments slowed during the recession, inpart for the same reasons that all commercial real estatetransactions slowed. Another factor, though, was the crash of themarket for tax credits, which often are used to finance suchprojects.
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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.
