(Read more on the multifamily market.)
SILVER SPRING, MD-Mid-City Urban, a local developer of multifamily rental and for-sale housing, is partnering with the Canyon-Johnson Urban Fund, a Los Angeles-based joint venture between Canyon Capital Realty Advisors and Magic Johnson, to build a $300-million mixed-use, mixed-income development that will be located “inside the Beltway,” according to Vicki Davis, president of Mid-City Urban. The deal is so new–Mid-City Urban was only recently notified of the award–Davis will not provide further details.
However, it is safe to conclude that the project will mimic, to a certain degree, other mixed-use, affordable housing projects the company has under way in the DC area. The firm has more than 4,000 housing units under development in the Mid-Atlantic totaling nearly $1 billion. Currently, in the DC area it is redeveloping two former public housing projects as mixed-income communities and has just held a ribbon-cutting ceremony for a third.
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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.
