Amazon-Supported Initiatives Near $800M Mark with New Arlington Developments
The Amazon Housing Equity Fund has made two new transit-oriented housing commitments in Arlington, VA. The new projects bring the fund’s commitments in the area to more than $795 million in loans and grants to create and preserve more than 4,400 affordable homes.
The Margaux at the New Carrollton Metro Station: In partnership with Metro and developer Urban Atlantic, Amazon is creating 291 new construction apartments, with guaranteed affordability for 98 years. Amazon is funding $25.4 million in low-rate loans to Urban Atlantic to begin construction.
Atworth at the College Park Metro Station: In partnership with Metro and developer Gilbane Development Company, Amazon is creating 451 new construction apartments, with guaranteed affordability for 98 years. Amazon is funding a $56.3-million low-rate loan to the Gilbane Development Company to begin construction.
According to Arlington County, the Amazon Housing Equity Fund has increased the long-term committed multifamily affordable housing stock in Arlington by 22%.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.