The not for profit NHP Foundation has acquired Takoma Place Apartments for $16 million. Located in Brightwood, in Washington D.C.’s northwest district, the 105 unit property is across the street from the former Walter Reed Hospital. The residence is a Year 15 Low Income Housing Tax Credit (LIHTC) property with 95 percent of units priced for residents earning 60 percent of AMI (Area Media Income) or less. The purchase was funded with a 13.7 million commitment from the Dept. of Housing and Community Development. Bridge financing was provided by Citibank, LISC (Local Initiatives Support Corporation) and the seller.
Built in 1953, the units are slated for upgrades which will include new kitchens, bathrooms, flooring, HVAC, roofs, a new community center, six fully accessible units, remediation of hazardous materials and new windows. NHPF plans on investing $90,000 -$100,000 per unit in rehabilitation which will begin in the first quarter of 2018.
“Acquiring multi-family properties via TOPA (the Tenant Opportunity to Purchase Act) continues to be a long-term goal for NHPF,” said Neal Drobenare, NHPF SVP of Acquisitions. “And to do so with Takoma Place, a property that has such tremendous potential, helps our residents take part in a successful public-private partnership with proven, tangible benefits.”
