The Rose Green Cities Fund acquired Channel Square through a joint-venture in 2013. Located in the fast-growing Southwest Waterfront neighborhood of Washington, D.C., and well-connected to transit, the mixed-income property consisted of 223 apartments across garden style townhomes and a tower.
The Fund worked with the City of Washington, D.C. to add affordability covenants to two-thirds of the property’s units in exchange for soft-subsidy for capital improvements, preserving much needed affordable housing in a burgeoning neighborhood. The Fund also converted 4,625 square feet of retail space into eight market-rate apartments, resulting in a diverse income mix at the property, which added value and mitigated risk.
The property achieved Enterprise Green Community Certification and entered into a power purchase agreement with a third-party solar installer that provided for annual electricity expense savings. During its ownership, the Fund reduced the property's energy use by 28% and its emissions use intensity by 47%.
The Fund sold its interest in the property in February 2019 to the Rose Affordable Housing Preservation Fund IV.
Acquisition, preservation and greening of a mixed-income housing