In September 2013, the Rose Green Cities Fund, in ajoint-venture (the “JV”) between the Fund and Portner Development Partners, LLC1, acquired Portner Place.The property is a 100% affordable Section 8 project located in Washington, D.C. and consists of 48 family-designated apartments in three similar garden-style four-story buildings. The site is located along the vibrant U Street corridor, with convenient access to the Metro, as well as numerous bus lines. The Fund is expanding and improving this affordable housing community at risk for displacement by market-rate development.
In addition to completing modest capital investments to reduce operating costs, the JV received entitlements and Planned Unit Development (PUD) approval to increase the site's density and create a new mixed-income residential community with retail space. The Fund's share of all improvements and entitlement costs is estimated at $1M. The pre-negotiated development agreement with the existing tenants calls for temporary relocation of residents off-site, while the new mixed-income property is developed, which will double the existing affordability and capitalize on the strong demand for market-rate housing on this well-located site.
In September 2013, the Rose Green Cities Fund, in ajoint-venture (the “JV”) between the Fund and Portner Development Partners, LLC1, acquired Portner Place.