Affordable VA Community Receives Preservation Deal
- Jan 10, 2018
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