AHC Starts Work on $100M VA Affordable Project
An outdated property in Arlington will be transformed into a 256-unit community. The redevelopment is expected to be completed in 2020.
Nonprofit developer AHC Inc. began work on transforming The Berkeley, an obsolete property in Arlington Va., into a new affordable community. The $100 million redevelopment will turn the 137 homes currently on the site into 256 apartments.
Arlington County, Capital One, Harkins Builders, Hudson Housing, Klein Hornig, architect Michael Foster, NeighborWorks America, Walter L. Phillips Inc., Shulman, Rogers, Gandal, Pordy & Ecker P.A., Virginia Housing Development Authority and Walsh, Colucci, Lubeley & Walsh P.C. are all partners in this undertaking.
Located at 2900 – 2910 S. Glebe Road, the property will be close to schools, public transportation and the Four Mile Run bike trail. The 4.6-acre project took five years to plan and is set to include 10 studios, 38 one-, 171 two- and 37 three-bedroom apartments, according to AHC’s website. Built to meet EarthCraft Gold standards, the property’s amenities will include:
- outdoor sports court
- playground
- computer center
- underground parking
- fitness room
Complex financing
Funds for the project came from Arlington’s Affordable Housing Investment Fund, which provided up to $20.9 million in revolving loan funds, but the venture also won $2.5 million in nine percent Low-Income Housing Tax Credits, which will provide roughly $24 million in equity financing. The Berkeley also received approximately $1 million in four percent LIHTC tax credits, which will generate about $10 million in equity.
Starting 2020, the redevelopment will be available to households earning between 40 and 80 percent of the area’s median income. AHC, in a partnership with Jonathan Rose Cos. and The Community Development Trust, also preserved the affordability of a 340-unit community in Fairfax County through a $6 million renovation.
Images courtesy of AHC Inc.
