Affordable VA Community Receives Preservation Deal

Standard Communities and the National Foundation for Affordable Housing Solutions acquired Park Shirlington in Arlington. Designed for low-income families, the property includes 294 units.

The Park Shirlington in Arlington, Va.
The Park Shirlington in Arlington, Va.

The affordable housing division of Standard Property Co., Standard Communities, in partnership with the National Foundation for Affordable Housing Solutions, have purchased the 294-unit Park Shirlington in Arlington, Va. The transaction helps preserve the community as an affordable housing property in the immediate term, while new ownership explores potential long-term preservation options. According to Yardi Matrix data, Lone Star Funds is the former owner of the 16-acre property.

Located at 4510 31st St. S., Park Shirlington is just off Interstate 395 and within a 15-minute drive to downtown Washington, D.C. The community features one-, two- and three-bedroom units, ranging in size from 680 to 1,480 square feet. The property is adjacent to the Village at Shirlington, a dining and entertainment destination outside of Washington, D.C.

“Park Shirlington’s location made it an important acquisition opportunity in that it provided affordable housing in the opportunity-rich environment that is Shirlington Village. There are fewer and fewer properties in the D.C. area that allow lower-income residents to call an amenity-rich, walkable community home,” said NFAHS President & CEO Todd Travis, in a prepared statement.

Washington, D.C. is just one of the U.S. areas where affordable housing is a hot-button issue. Most recently, Standard Communities’ Co-Founder Jeff Jaeger also commented on New York’s affordable housing plan and Mayor Bill de Blasio’s housing policy during his second term.

Image courtesy of Yardi Matrix