Enterprise Lands $121M to Preserve DC Affordable Housing Campus
Enterprise Community Development has completed the acquisition and financing of Edgewood 611 Apartments and three adjacent buildings at the Edgewood Commons campus in Northeast Washington, D.C. The total development cost is $121 million, financed through Enterprise Housing Credit Investments, DC LIHTC equity issued through DCHFA and a taxable construction equity bridge loan from Capital One.
Located at 611 Edgewood Street, the property is an 11-story high-rise building comprised of 197 one-bedroom and 61 two-bedroom apartments. The 42 two-bedroom apartments are located at 401, 415 and 425 Edgewood Street.
The preservation effort includes renovations to the properties, such as exterior upgrades, common area enhancements, and apartment interior renovations. The development will meet Enterprise Green Communities standards and energy efficiency improvements.
Using 4% LIHTC, Enterprise will extend the affordability period of these units for households earning 80% or less of the area median income.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.