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$131M Deal Fuels Subsidized-Housing Conversion

WASHINGTON, DC-Residents who own the low-income Sursum Corda and Vienna, VA-based developer KSI Services Inc. are teaming on an effort to transform the co-op into a 500-unit condominium valued at about $130.9 million.

By Barbra Murray | Updated on November 02, 2005

(To read more on the multifamily market, click here.)

WASHINGTON, DC-The federally subsidized housing complex Sursum Corda will undergo a redevelopment, courtesy of a plan put in place between the 167 families who own the low-income property and KSI Services Inc., a multifamily and residential/mixed-use property developer. The Vienna, VA-based company committed to an agreement with the co-op board that will allow KSI to convert the 199-unit property into a 500-unit condominium project.

The deal is valued at approximately $130.9 million. KSI will spend $235,000 on each of the new units and give the 167 households $80,000 each, as well as a 49% ownership stake in the development. Additionally the existing residents will have the opportunity to use the $80,000 as a down-payment for the purchase of one of the new condos at cost.

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