Pennrose Opens Affordable Alexandria Project

The property caters to families and seniors earning between 30 and 60 percent of the area median income.

Residences at North Hill Opening. Image courtesy of Pennrose

Residences at North Hill grand opening. Image courtesy of Pennrose

Residences of North Hill, a 279-unit affordable housing community in Alexandria, Va., is now open. Pennrose developed the project in partnership with Community Housing Partners, Fairfax County Board of Supervisors and Fairfax County Redevelopment and Housing Authority.

Catering to families and seniors earning between 30 and 60 percent of the area median income, Residences at North Hill represents the affordable component of a large-scale revitalization of 34 underutilized acres, owned by the Fairfax County Redevelopment and Housing Authority, which also includes 175 townhomes and a 12-acre public park.

Project financing included:

  • Housing Tax Credits allocated by Virginia Housing
  • tax-exempt and taxable construction and permanent financing from Virginia Housing
  • 68 federal project-based vouchers and approximately $4.4 million in local financing from the Fairfax County Redevelopment and Housing Authority
  • HOME and state and local housing trust funds from the Virginia Department of Housing and Community Development
  • construction financing and equity investments from Bank of America and Truist Bank

A new affordable community near Washington, D.C.

The developer broke ground on the project in 2020; Bredeen Construction served as general contractor. Designed by Moseley Architects, the community comprises five buildings with one-, two- and three-bedroom floorplans ranging between 669 and 1,300 square feet, according to Yardi Matrix information. Amenities include a fitness center, business center, community room, playground and recreational plaza, among others.

Situated on 22 acres at 7250 Nightingale Hill Lane, the property has numerous retail, dining and entertainments options nearby, including the Mount Vernon Plaza shopping mall. The site is right off U.S. Route 1, which provides direct access to downtown Washington, D.C.

Pennrose, along with co-developers TGTHR and Rivet Development Partners, have recently broken ground on a 56-unit fully affordable housing community in Denver. Completion is slated for April 2024.

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