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.
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.
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