WASHINGTON, DC–Fort Chaplin Park, a 549-unit garden-style apartment complex located at 4212 E Capitol St., NE, has just traded for $49 million, or $89,253 per unit. But that is just the start of the changes on the way for the affordable housing property, which was first developed in 1963 and renovated in 2005.
McLean, VA-based E&G Group sold the complex to a Los Angeles-based nonprofit Standard Property Co., which will renovate the property in a $96 million project, according to the District of Columbia Housing Finance Agency. A call to E&G Group was not return in time for publication.
DCHFA is issuing some $61 million in long term tax-exempt bonds for Fort Chaplin Park's acquisition and rehabilitation and $30.2 million in equity was also raised through the syndication of low income housing tax credits.
Fort Chaplin Park consists of two separate parcels located on the north and south sides of East Capitol Street in Northeast Washington. Standard Property Co. will rehabilitate the 549 units, with 90% reserved for residents earning 60% or less in the area median income. It will also rebuild the management office and community center. This will be an in-place renovation occurring in phases so residents don't have to be temporarily relocated, according to DCHFA's Executive Director Todd A. Lee.
WASHINGTON, DC–Fort Chaplin Park, a 549-unit garden-style apartment complex located at 4212 E Capitol St., NE, has just traded for $49 million, or $89,253 per unit. But that is just the start of the changes on the way for the affordable housing property, which was first developed in 1963 and renovated in 2005.
McLean, VA-based E&G Group sold the complex to a Los Angeles-based nonprofit Standard Property Co., which will renovate the property in a $96 million project, according to the District of Columbia Housing Finance Agency. A call to E&G Group was not return in time for publication.
DCHFA is issuing some $61 million in long term tax-exempt bonds for Fort Chaplin Park's acquisition and rehabilitation and $30.2 million in equity was also raised through the syndication of low income housing tax credits.
Fort Chaplin Park consists of two separate parcels located on the north and south sides of East Capitol Street in Northeast Washington. Standard Property Co. will rehabilitate the 549 units, with 90% reserved for residents earning 60% or less in the area median income. It will also rebuild the management office and community center. This will be an in-place renovation occurring in phases so residents don't have to be temporarily relocated, according to DCHFA's Executive Director Todd A. Lee.
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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.
