Gates of Arlington Rescued for $35.5M

ARLINGTON, VA-Affordable housing developer AHC Inc. has completed the acquisition of the 465-unit Gates of Arlington apartment complex for $35.5 million. Dallas, TX-based Hall Financial Group had previously owned the garden-style property at 4207 N. Pershing Dr. The apartment community consists of 43, two-story structures spread out over a 17-acre parcel in Arlington’s historic Buckingham area.

County officials had feared the apartment–one of the last remaining large-size affordable housing complexes in Arlington–would be snapped up by developers who would convert it into a high-end property. In an effort to avoid losing such a great chunk of low- and moderate-income housing, the County approved a $500,000 allocation to assist AHC with the purchase.

Fannie Mae also played a great role in helping to finance the acquisition. “With its desirable urban location, the Gates of Arlington was a prime candidate for purchase and redevelopment into high-cost apartments, which would displace hundreds of families–many of whom are newcomers to this country,” AHC president Walter D. Webdale notes.