Enterprise Lands $55M for DC Renovations
A local agency is providing financing for the affordable communities.
Enterprise Community Development will renovate two of its affordable housing communities in Washington, D.C., after landing financing from the District of Columbia Housing Finance Agency. The company secured $54.7 million in tax exempt bonds that will be used to upgrade its Edgewood 611 Apartments and Edgewood Gardens properties.
Built in 1973, Edgewood 611 Apartments was renovated in 2002, following the community’s acquisition by Enterprise the previous year. The 11-story community is comprised of 258 units in one- and two-bedroom floorplans, with 103 of the units tied to a 20-year project-based Housing Assistance Payment contract that provides rental assistance.
Similarly, Edgewood Gardens, which was also built in 1973, was purchased by Enterprise in 1999 and renovated the following year. The community has 42 units with two-bedroom floorplans.
The two communities, which total 300 units, have 88 apartments reserved for residents making 30 percent of the Area Median Income, while 155 of the units are restricted to those making 60 percent AMI and the remaining 57 units are for tenants earning 80 percent AMI.
Major changes expected
Enterprise has tapped Harkins Builders as general contractor for the renovations and Miner + Feinstein Architects as the project’s architect. Once renovated, Community Impact Strategies, the resident services arm of Enterprise, will design and provide services for the residents of both communities.
The total cost of the renovations at both properties will total $117 million. The renovations will include exterior landscaping, new kitchen appliances and cabinets and new HVAC systems and plumbing. Enterprise said that the renovations at Edgewood 611 will take approximately 24 months, while the upgrades to Edgewood Gardens would take around five months. Enterprise will conduct the renovations at the same time, using onsite hospitality units or available, comparable units elsewhere in the larger Edgewood Commons residential complex to keep residents nearby and minimize displacement.
Earlier this year, Enterprise partnered with DC Green Bank to invest $12.4 million in installing solar panels at four of its affordable housing communities across Washington, D.C. Solar carports and electric vehicle charging stations will be installed at Edgewood Commons during renovations.