Real Estate Developments

Metro Village Apartments

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Description

Metro Village Apartments will be a 150 unit apartment building in the Takoma neighborhood of Washington, DC when completed in 2015. The apartment complex will consist of studios, one and two bed room apartment homes, and 120 units will be reserved for households generating less than 60 percent AMI.

The developers (Affordable Housing Developers and Takoma Venture LLC) financing includes an FHA insured mortgage and investor equity of $5.97M, which will be generated through the sale of LIHTCs. The developers will also defer 43 percent of their developer fee according to The Office of Economic Development Finance. "In addition, the developers have applied to the Districts Department of Housing and Community Development for a Housing Production Trust Fund (HPTF) subordinate cash flow loan. The developers are requesting this loan only in the event that mortgage interest rates rise to a level greater than assumed in their loan."


Amenities & Features:
  • Annual Car Sharing Membership
  • Annual Bike Sharing Membership
  • After School Activities for Residents
  • Metro farecard Pre-loaded with $65
  • Fitness Center

Project Details

Type

Mixed-Use

Status

In Progress

Address

7051 Spring Place, NW

City

Washington

State

DC

Zipcode

20012

Construction

New Development

Start Date

2014

Expected Completion Date

Fall 2015

Architect(s):

EDG

Part of this Project?

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Consultant(s):
Mac Realty Advisors
Financier(s):
Wells Fargo & Company
DC Department of Housing and Community Development
Property Manager(s):
Equity Management LLC
Source(s):
http://cfo.dc.gov/
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More on This Project and Neighborhood...

Number of units for rent

150

Number of units for sale

0

Number of affordable housing units

120

LEED Designation

Project Cost

0

Parking Spaces

Zoning

Hotel Rooms

0

Retail Space

0

Office Space

0

Square Footage

0

Lowest Housing Sales Price

0

Highest Housing Sales Price

0

Lowest Rent Price

0

Highest Rent Price

0

Neighborhood:

Northwest Washington,Takoma

Housing Rental Price Range:

Housing Sales Price Range:

# of Residential Units in Progress:

177

Hotels Rooms in Progress:

0

Office Space in Progress:

0

Retail Space in Progress:

0

Closest Metro Station:

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    Closest Grocery Store within 1 mile:

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      Closest License Daycare:

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        Closest Hospital/Health Clinic:

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          We're working on finding the right contacts for this project.

          Project Consultant(s):

          Mac Realty Advisors

          Project Financier(s):

          Wells Fargo & Company
          DC Department of Housing and Community Development

          Property Manager(s):

          Equity Management LLC

          Sources:

          http://cfo.dc.gov/

          Contact Us
          Office Location
          • Washington, DC-HQ
            1440 G Street, NW 8th Fl
            Washington, DC 20005
            Phone: 202-788-0407
          • New York, NY
            28 Liberty Street, 6th Fl
            New York, NY 10005
            Phone: 929-383-5327
          • Long Beach, CA
            3750 Schaufele Avenue
            Long Beach, CA 90808
            Phone: 562-337-3044
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          AreaProbe is a research and advisory firm focused on housing and commercial real estate development in urban communities. Our proprietary tech platform reduces turnaround time on research and analysis projects for developers by an average of 75% relative to the market. We combine that efficient, data-backed analysis with an understanding of how different cultural groups interact with the real estate market, and what it means for developers, investors, and financiers. We also facilitate access to capital and project management services from the network we've built during more than four decades of collective experience in real estate development, finance, design and urban planning.