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Embolden, NHPF Acquire 23 DC Affordable Apartments for $9M
Embolden Real Estate, partnering with The NHP Foundation, acquired The Amelia and Paul property in Washington, D.C., transforming it into The Bobbi for affordable housing. The $9.05 million acquisition is backed by Capital Impact Partners and an Amazon grant.
Under DC’s Tenant Opportunity to Purchase Act, Embolden was chosen by the Tenants Association, aiming to renovate the 23-unit building. Renovations will modernize the property, enhancing amenities like a library, fitness center, and sustainability features, expected to be completed by Q4, 2025.
“The opportunity to partner with the experienced team at NHPF to convert 23 at-risk, rent-controlled units into 100% affordable, mixed-income homes, thereby ensuring long term affordability in this desirable neighborhood, fits in perfectly with Embolden’s mission,” said Ronette “Ronnie” Slamin, founder and principal of Embolden.
- ◦Sale/Acquisition
