Real Estate Journal — Owners, Developers & Managers — January 26 - February 8, 2018 — 3B
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M id A tlantic
O wners , D evelopers & M anagers 294-unit Park Shirlington is a naturally occurring affordable housing community Standard Communities completes preservation deal for at-risk affordable housing site in Arlington Cty.
RLINGTON, VA — Standard Commu- nities , the affordable housing division of Standard Property Company , a real estate investment and man- agement firm has acquired, in partnership with the Na- tional Foundation for Af- fordable Housing Solu- tions (NFAHS) , the 294-unit Park Shirlington apartment community in Arlington. The transaction preserves Park Shirlington as a well-located naturally occurring afford- able housing property in the immediate term, while new ownership explores poten- tial long-term preservation options that best serve the community and its residents. The 16-acre property is ad- jacent to the Village at Shir- lington, a dining and enter- tainment destination located just outside of Washington, D.C. The community provides quality housing options in an A Cervelli closes apt. at Bergenline Ave. in Union City, NJ UNION CITY, NJ — Cer- velli Real Estate & Proper- ty Management (Cervelli) announced the sale of 1405 Bergenline Ave. The property, an 8-family, brick residential building with separate boilers and hot water heaters sold for $875,000. A long-time client of Cervelli was looking to dispose of the asset he acquired in a bulk purchase several years ago. After Cervelli obtained the listing, the team immediately began marketing the property using its proven marketing strategy and quickly gener- ated several offers. The closing was delayed inordinately due to the building department. Ultimately, it was the per- sistence of the Cervelli team working with the building department that brought the deal to a close. n track all change orders from the start of the project through completion. This allows for easy review of the overall job at the end to help alleviate any potential headaches to resolve final invoicing by the contractor. Caroline Shelly, LEED- AP+BD-C is founder & principal of HF Planners. n continue from page 2B Change Order . . .
amenity-rich neighborhood that would otherwise be out of reach for most of the lower- income families that currently call Park Shirlington home. “The acquisition of Park Shirlington is an especially exciting transaction for our team and for the property’s residents,” said Standard Communities co-founder Jeff Jaeger . “As we look toward the future of Park Shirlington, we are thrilled to have the opportunity to reinvigorate the complex and bring it into its next phase of development.”
Standard Communities partner and Head of East Coast Operations Joe Ouel- lette added, “We feel like we put together a great team for this project and are very excited to have this unique opportunity. We know the next steps for Park Shirling- ton will require careful study and will likely include many hurdles, but we are confident that with the team we have assembled, and input from community stakeholders, we can make this site an even better part of a great neighborhood.” n
Park Shirlington
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