Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Enterprise Buys Falls Church Apartment Community for $22M
Enterprise Community Development, Inc. has acquired Coralain Gardens, a Fairfax County family apartment community at 7435 Arlington Boulevard, Falls Church, VA., for $21.7 million. The 1964-built complex houses 106 units, serving residents at or below 60% of the AMI.
The acquisition, facilitated through Fairfax County’s Right of First Refusal, aims to preserve affordability. “The acquisition of Coralain Gardens was a wonderful chance for Enterprise Community Development to make a positive impact on the Fairfax community,” said Christine Madigan, the interim president of Enterprise Community Development.
The acquisition was funded through a partnership between Low Income Investment Fund, Capital Impact Partners, and Fairfax County loans. A planned 2025 rehabilitation, supported by 4% Low-Income Housing Tax Credits, solidifies the property’s affordability until 2087, securing vital housing options for the community.
- ◦Sale/Acquisition
