Acquisitions—Washington, D.C.

Channel Square

Channel Square is a mixed-income project located in Washington, D.C. The property was acquired through a joint-venture between the Fund and Channel Square Partners LLC1 and consists of 223 apartments and 4,625 sf of retail space, in a combination of a tower and garden style town homes. The property is located in the fast-growing Southwest Waterfront neighborhood and is well connected to transit and other amenities. The Fund is preserving and improving this mixed-income housing community at risk for conversion to market-rate housing, by designing and implementing a capital improvement program to meet community needs and enhance value.

The JV is performing a second phase of green retrofits to achieve continued operating cost savings, while simultaneously seeking construction and permanent financing for a more extensive retrofit. The project will maintain a diverse mix of affordable and market-rate housing. The Fund is also converting the 4,625 sf of retail space into residential rental apartments as a value-add proposition and as a risk mitigation strategy.

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Project Profile

Acquisition, preservation and greening of a mixed-income housing

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Project Status

Acquired: 2012

Total Project Size / Budget
223 units / 4,625 SF of retail space
Total Units
223 Mixed-Income Units