NHP Foundation acquires Woodmont Crossing Apartments for $44.6m
NHP Foundation acquired Woodmont Crossing Apartments in Washington, D.C., for $44.6m. The 176-unit property is restricted to residents earning 60 percent of the area’s median income or less. The six-building complex features 120 two- and 65 three-bedroom units, ranging from 921 to 1,175 sq ft. The sale was completed with a $25.5m loan from the District of Columbia Housing Finance Agency (DCHFA). Additional funding was provided by the Royal Bank of Canada a with a LIHTC equity loan of $12.1 m. NHPF plans to invest $42,000 in each unit, including kitchen and bath upgrades, as well as make 5 percent of the units fully accessible.
“The Woodmont Crossing partnership enables DCHFA to continue to provide District residents access to high-quality affordable housing. And by becoming a Risk Share lender, we are able to shorten the process and be a source of additional funding needed for the ongoing production and preservation of such projects,” said Todd Lee, executive director and CEO of DCHFA.
