In May 2016, the Rose Affordable Housing Preservation Fund LLC closed on its purchase of 100% of the GP and 52.5% of the LP interest of Lafayette Apartments, a 100% affordable, garden-style family community in Alexandria, VA, a strong sub-market of Washington, D.C. The 340-unit property was originally constructed in 1966 and underwent a major rehabilitation in 2003 using Low Income Housing Tax Credits. The property is home to working families seeking a quiet and safe community with manageable access to centers of employments, schools and retail in the Washington, D.C. metropolitan area.
Following the end of its initial Low-Income Housing Tax Credit compliance period, the Fund recapitalized the asset with long-term FHA debt. The Fund used the proceeds for a major rehabilitation, which was completed in 2019. The Fund plans a long-term hold of this asset.
The Fund will complete green and healthy operational improvements to achieve Enterprise Green Communities Certification. The existing community room, computer lab and fitness room were updated in order to further encourage community socialization and promote health and wellness.
Recapitalizing and rehabilitating this affordable multifamily property in Alexandria, VA.