Amazon Provides $51M for Virginia Affordable Housing Project
Alexandria Housing Development Corp. used the low-rate loan to acquire a 196-unit property it plans to rebrand.
Park Vue of Alexandria. Image courtesy of AHDC
Alexandria Housing Development Corp. has acquired the 196-unit Park Vue of Alexandria in Alexandria, Va. AHDC plans to rebrand and convert the property into committed affordable housing for households earning up to 60 percent of the area median income.
Cushman & Wakefield represented the seller, Covenant Capital Group. S.L. Nusbaum will manage the community.
The Amazon Housing Equity Fund offered a $51.4 million low-rate acquisition loan. AHDC will work with Amazon and other lending partners in the near future to refinance the property. The property will maintain a 99-year affordability covenant.
The property currently offers studios, one- and two-bedroom units ranging from 465 to 890 square feet, according to Yardi Matrix data. Community amenities include a pet park, resident lounge, fitness center and waterscape. A total of 275 grade-level parking spaces and 14 laundry facilities are also currently available. According to the same data provider, the community last traded in late 2018, when the now-seller bought it for $36.8 million.
Current residents will maintain their rent without increase, if their current rent is more than the 60 percent area median income level. Half of the units will allow for households to earn income up to 80 percent of the AMI, while the other half will remain at the 60 percent threshold. If the price of a 60 percent AMI unit will exceed their rental rate, their unit will be converted to the respective level at that time.
Located at 511 Four Mile Road, the community is within the historically affordable and heavily Latinx Arlandria-Chirilagua neighborhood. The neighborhood faces redevelopment and displacement pressure due to growth in nearby markets such as Crystal City and Potomac Yard. Ronald Reagan Washington National Airport is some 3 miles east of the community, while The Pentagon is 3 miles north. The Birchmere concert hall is half a mile south, along with several other entertainment, retail and dining options.
Amazon’s affordable housing endeavors
Last December, Amazon offered $160 million to help preserve 1,334 affordable units within the Barcroft Apartment community in Arlington, Va., having already made more than $500 million in commitments through its Housing Equity Fund. This helped create or preserve as many as 2,300 affordable units in the Arlington area.
