TM Associates Opens $95M Affordable Community in DC

MDXL Flats adds more than 100 units to the metro’s strained affordable housing market.

TM Associates, in a partnership with United Planning Organization, has opened MDXL Flats, a 101-unit fully affordable asset in Washington, D.C. The development team included Gilbane Building Company and PGN Architects, with more than 220 workers employed during the project.

Yardi Matrix data shows the developers secured construction financing totaling $94.8 million, through the following originators:

  • Boston Capital, providing $43.4 million;
  • District of Columbia Housing Finance Agency, providing $38.4 million;
  • District of Columbia Department of Housing and Community Development, providing $13.1 million.

The 10-story building features one- to four-bedroom floorplans ranging from 475 to 1,005 square feet. Amenities include a rooftop lounge, as well as a community room.

Located at 1530 First St. S.W., the property is 1 mile south of Interstate 395 and some 2 miles northwest of Interstate 295. Employers such as John Deere and Amazon are within a 4-mile radius. Less than 3 miles away, residents can access a shopping center named Gallery Place and The National Mall. The Stacks, a 1,100-unit partially affordable multifamily project, topped out its first tower last year and is less than 1 mile away.

Inside DC’s affordable housing market

Apartments are reserved for residents earning between 30 and 50 percent of the average local median income. According to the Government of the District of Columbia, a four-person household’s local AMI is $151,100 as of May 2023.

The District of Columbia has a shortage of roughly 27,000 affordable housing units, with another 50,000 families on the public housing waiting list, according to the Georgetown Journal on Poverty Law & Policy.

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