WinnCompanies Redevelops 2 DC Affordable Housing Properties
- May 09, 2018
The redevelopment of Atlantic Gardens and Atlantic Terrace apartments, previously two affordable housing properties in Washington, D.C., has been completed, and they have been combined and renamed Atlantic Apartment Homes. The two-year, $69 million effort by multifamily specialist WinnCompanies completely modernized the community’s units and common areas, introduced new and enhanced social services for residents, and concluded with the installation of a 651 KW renewable energy facility on the property’s roofs.
WinnCompanies acquired the two properties, which occupy eight acres along 3rd and 4th streets in Southeast, in 1982. Atlantic Gardens, built in 1948 and last renovated in 1982, features 105 apartments in five three-story garden-style buildings. Atlantic Terrace, built in 1964 and last renovated in 1988, is comprised of 195 units in six three- to four-story garden-style buildings.
The affordable nature of the community as Project-Based Section 8 housing has been guaranteed at least until 2055, owing to an extension of its Housing Assistance Payment contract, and the use of Federal Low Income Housing Tax Credits and monies from the DC Housing Production Trust Fund.
The rehabilitation involved work in all the apartments, including kitchens, bathrooms, appliances, flooring, doors, lighting, plumbing, wiring, HVAC systems, smoke detectors and paint. Curbs, sidewalks, parking lots, gutters, fencing, lighting and landscaping also were repaired or improved.
New learning centers were constructed at both properties; a new community room was created at Atlantic Gardens; and the community room at Atlantic Terrace was expanded. Two new playgrounds were created at Atlantic Gardens and a third was upgraded at Atlantic Terrace. Security systems were enhanced and laundry facilities expanded at both communities.
In addition to the renovations, WinnResidential, the company’s property management arm, is collaborating with more than 30 nonprofits to bring services to residents of Atlantic Apartment Homes. These include an on-site Community Impact Center, which provides financial and employment coaching, job placement coordination, family support and parenting education for residents.
Financing for the project came from a complex mix of sources. HUD, the DC Department of Housing and Community Development, the DC Housing Finance Agency, Citi Community Capital, DC Sustainable Energy Utility and Boston Financial Investment Management all provided financing.
The DC Department of Energy and Environment (DOEE) awarded a $1.3 million grant from its Solar for All program for the solar installation. The DC Sustainable Energy Utility, tasked by DOEE to reduce the District’s energy consumption, provided technical and financial assistance to enhance the property’s energy efficiency, which also reduced its carbon footprint.