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Concord Communities Acquires $40M DC Affordable Housing Community
Washington, DC-based Concord Communities has acquired Stanton Glenn, a 379-unit affordable housing community on Stanton Road in DC, for $39.5 million.
Concord (an affiliate of Lowe) plans to invest more $18 million in capital improvements and will continue to accept housing vouchers. The firm has selected Edgewood Management as property manager.
“Concord’s top priority is to improve Stanton Glenn and position it as a comfortable and welcoming affordable housing option in the community,” said Mark Rivers, EVP of Concord Communities and Lowe.
The 1967-constructed Stanton Glenn offers one-, two-, three-, and four-bedroom residences in 30 four-story walk-up buildings. The property is located near downtown DC, minutes from Nationals Park and the Southwest Waterfront.
The surrounding area is undergoing a resurgence with new mixed-use, retail, and multifamily properties, entertainment venues and hospital. The nearby 11th Street Bridge Park will transform the freeway bridge over the Anacostia River into an elevated park and civic space.
- ◦Sale/Acquisition
