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DC-Area Workforce Community Sold for $164M; Affordability Covenants Initiated
Dantes Community Partners, in a joint venture with Jonathan Rose Companies, has acquired The Avanti Apartments in District Heights, MD for $164 million. The 930-unit workforce housing was purchased from Dragone Realty Investments and GMF Capital.
Upon acquisition, the venture recorded a new long-term affordability covenant with the county that will create 372 new units of income and rent restricted housing in a market facing upward rent pressure through the adoption of restrictions of 20% of units at 50% AMI and an additional 20% of units at 80% AMI.
“This transaction is aligned with our mission to address America’s growing affordability crisis through the creation and preservation of affordable and workforce housing that is sustainable for residents and generates reliable income for investors,” said Sharif T. Mitchell, operating principal of Dantes Community Partners.
CBRE’s DC team arranged the sale. The project will be financed with Fannie Mae debt arranged by Walker & Dunlop.
- ◦Sale/Acquisition
