Portner Place

The Rose Green Cities Fund, LLC acquired Portner Place through a joint venture in 2013. The property is located along the vibrant U Street corridor in Washington, D.C. The 100% affordable, Section 8 property consisted of 48 family-designated apartments across three four-story, garden-style buildings and was at-risk for displacement by market-rate development.

The JV successfully rezoned the property for additional height and density and secured the required HUD approvals and financing to temporarily relocate the Section 8 contract off-site during construction.

In addition to generating significant financial returns, 48 units of obsolete affordable housing units were replaced with 384 new affordable and market-rate housing units. The result is Portner Flats, a model green, mixed-income community that doubled the amount of affordable housing in a rapidly gentrifying, highly desirable, transit-oriented submarket of Washington, D.C.

The JV closed on the sale of Portner Place in July 2016.