JBG Smith Secures $104M in Commitments to D.C. Housing Initiative

Owner and developer of mixed-use properties in the D.C. area, JBG Smith has announced that the firm’s Washington Housing Initiative’s Impact Pool surpassed $104 million in investor commitments.  It also closed on a $15.1 million mezzanine loan for the Alexandria Housing Development Corporation’s (AHDC) purchase of a residential community in Alexandria.

The Impact Pool provided the loan to the non-profit AHDC for the acquisition of Avana, a recently renovated 326-unit, high-rise residential community in Alexandria. The property, which will be renamed the Parkstone Apartments, was acquired for $106 million. JBG Smith will also serve as the property manager at Parkstone.

Local developers, as well as a number of national banking institutions, have committed more than $104 million to the Impact Pool, including a $10.2 million commitment from JBG Smith. Recent investors to the pool include TD Bank, M&T Bank, Hingham Institution for Savings and CityBridge Foundation.

The Impact Pool is designed to invest in the preservation or development of affordable workforce housing in high impact areas that are particularly vulnerable to rapidly rising housing costs. The Impact Pool is currently evaluating a pipeline of acquisitions that could preserve nearly 6,000 units of affordable workforce housing across the D.C. region.

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