As housing costs escalate and the number of affordable apartments dwindles, AHC is working hard to create innovative partnerships and financing opportunities to preserve and develop housing opportunities in the VA-MD-DC region.
In 2014, AHC’s multifamily development team closed on eight transactions with a total development value of $331 million and containing more than 1,400 units — pushing AHC’s total multifamily portfolio above 6,500 units.
AHC also has two affordable apartment projects under construction – the 83-unit Shell in Arlington is opening its doors to families this spring, and the 78-unit Jackson Crossing in Alexandria (opening late 2015).
Underscoring the complexity of today’s housing market, no two developments were alike.
AHC’s 2014 projects include the acquisition of six existing rental communities containing 975 apartments, construction of 76 rental townhomes, and the redevelopment of an existing AHC-owned, 364-unit, historic property. The apartments are primarily located in the metro region’s high cost-of-living rental submarkets in Arlington, VA and Montgomery County, MD, along with developments in the District of Columbia and Baltimore.
The projects utilized a variety of financing strategies, reflecting the challenges involved in assembling funding in the current marketplace. Several transactions were completed with innovative financing structures that relied heavily on market-rate tools and deal structuring techniques.
The properties provide homes for households with a variety of incomes, ranging from conventional affordability levels (50% and 60% Area Medium Income) to workforce housing (80% AMI) to full market-rate homes.
Photo: The Shell in Arlington opens its doors to families this spring.