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Washington DC  + DC  + Apartments  | 

Standard Communities Acquires 42-Unit Affordable Housing Property in D.C.

Standard Communities has acquired Ritch Homes Apartments, a 42-unit affordable housing property in Washington D.C. The sales price was $15 million.

Located at 1420 and 1424 R Street NW, the property consists of 42 rent-subsidized apartments for low income families. Standard will add four units to the site as part of an extensive renovation. Purchased for $15 million with a $30 million total capitalization, the transaction is expected to preserve and extend the community’s affordability for the next 30 years. The community was built in 1920.

Completed via a public-private partnership, Standard Communities worked on this transaction with the DC Housing Finance Authority (DCHFA), the U.S. Department of Housing and Urban Development (HUD), the DC Department of Housing and Community Development (DHCD), Housing on Merit (HOM), Darrell Green Enterprises and the 1420-1424 Our St Tenants Association.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.