Enterprise Community Development Acquires $26M Skyland Apartments in DC
Enterprise Community Development, Inc., has closed on the $25.7-million purchase of Skyland Apartments in the Randle Heights neighborhood of Washington, DC from WC Smith.
Enterprise Community Development’s acquisition of the Skyland Apartments was executed through the District of Columbia’s Tenant Opportunity to Purchase Act.
Enterprise Community Development will focus on the property’s redevelopment and rehabilitation efforts in collaboration with residents to create a cohesive platform for coordinated redevelopment planning. ECD secured interim acquisition funding from EagleBank and Capital Impact Partners.
The 1939-constructed Skyland Apartments is a Naturally Occurring Affordable Housing project east of the Anacostia River in Ward 8. The property’s 224 units occupy 24 two-story garden-style and duplex apartment buildings that represent more than 10,000 square feet of ground-level commercial space spread over a nine-acre site.
“As with all our residential properties, we aim to ensure that residents have access to resources and pathways to achieve life goals and foster upward mobility,” said Brian McLaughlin, president of Enterprise Community Development.
- ◦Sale/Acquisition