M id A tlantic Real Estate Journal — July 2023 — 9A
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ONTGOMERY COUNTY, MD — After tenants of Westchester West Apartments, a 345-unit residential property sells for $67 Million Enterprise and DHCA team up to preserve affordable housing through Silver Spring purchase M
property that includes pre- serving affordability, curing deferred maintenance, and improving operations and ser- vices for residents. Enterprise Community Development has budgeted more than $5 million in capital expenditures over 10 years to preserve the long- term viability of the property. Total transaction costs came to $75.8 million. “Preserving the affordabil- ity and enhancing the living experience at Westchester West Apartments is not only a crucial step toward ensur- ing long-term preservation of affordable housing, but also a testament to our commitment to providing residents with a great place to call home,” said Interim President of En - terprise Community Devel - opment Christine Madigan. “Through necessary upgrades and improvements, we aim to create a thriving community that fosters a high-quality liv- ing experience for all.”
“Preserving affordable hous- ing is an essential part of a successful affordable housing strategy,” said Montgomery County Executive Elrich. “I directed DHCA to use the County’s right of first refusal to match the sale offer, pur- chase this building, and then transfer to an affordable hous- ing partner. The bottom-line is that we saved the homes of hundreds of families who could have been forced out by increased rents if we did not intervene. If we are going to solve our affordable housing problems, we must get serious and use everything in our tool- box, including using our right of first refusal to intervene in similar transactions that could price out current residents.” Current rents at Westchester West Apartments are consid - ered affordable to households with incomes between 55% and 60% of Area Median Income (AMI) under DHCA’s 2022 rent and income limits. MAREJ
Westchester West Apartments were informed that their build- ing was going to be sold, they worried that rents would rise even more than they already had and so they worked with the community organization Action in Montgomery (AIM), to ask Montgomery County to intervene, which it is allowed to do under the County’s Right of First Refusal (RoFR) law. Montgomery County Executive Marc Elrich , in agreement with Councilmember Natali Fani-Gonzalez , asked the Department of Housing and Community Affairs (DHCA) to find a partner who could preserve the affordability for the long term. This naturally occurring affordable housing rental property includes a large number of three-bedroom or “family-sized” units. After working with non-profit hous - ing organization Enterprise
Westchester West Apartments
Community Development, on June 8, 2023, Montgomery County’s DHCA purchased Westchester West Apartments, a residential property with 345 units located at 3214 Hewitt Avenue in Aspen Hill, MD., from Westchester Gardens LLC., for $67 million. After purchasing the apart - ment building, DHCA imme -
diately sold the rental housing property for the full amount to ECD Westchester Apart - ments, LLC, an Enterprise Community Development af - filiate. Enterprise Community Development assisted DHCA in the underwriting and due diligence of the acquisition opportunity and will carry out the long-term plan for the
Cresa and Stream Realty Partners represent the AFA in $16.25 Million sale of 1501 Langston Blvd. in Arlington, VA
that includes creating new, technology driven space in a location that puts it closer to its business partners and government agencies. We look forward to continuing our partnership with the entire AFA team and helping advance its mission well into the future.” 1501 Langston Blvd. was 79% leased at the time of sale. The Air & Space Forces As - sociation is an independent, non-profit 501(c)3 associa - tion dedicated to advocating for investment and support for the U.S. Air Force and U.S. Space Force, and for supporting Airmen, Guard - ians, and their Families. Founded in 1946, AFA is the single largest entity of its kind focused on air and space power. With more than 113,000 members and 200 chapters spread around the world, our mission is to promote dominant U.S.
Air and Space Forces as the foundation of a strong Na- tional Defense; to honor and support Airmen, Guardians, and their Families; and to remember and respect the enduring heritage of the Air and Space Forces. Stream Realty Partners is a national commercial real estate firm offering an inte - grated platform of services including leasing, Legendary CX property management, tenant and landlord repre- sentation, capital markets, investment management and sales, development, construc- tion management, national program management, work- place strategies, strategic marketing, and dedicated research. Since 1996, Stream has grown to more than 1,200 professionals and now com- pletes more than $5.8 billion annually in office, industrial, retail, healthcare, land, and data center transactions. MAREJ
ARLINGTON, VA — Cresa’s Mindy Saffer and Natalie Gosnell, along with Stream Realty Partners’ Matt Pacinelli and Charlie Smiroldo , represented the Air & Space Forces Associ- ation (AFA) in the sale of its national headquarters build- ing, located at 1501 Langston Blvd., in Arlington, VA, to Taicoon 1501 Langston LLC for $16,250,000. AFA, which has owned the property since 1984, signed a short-term leaseback prior to relocating. AFA’s Board of Directors approved the sale in April. “The building has served our association very well for many years,” said AFA presi - dent & CEO Lt. Gen. Bruce Wright, USAF (Ret.) . “But as we have evolved it, it has become clear that the AFA of today, and especially tomor- row, has different needs than those of 40 years ago. A more
1501 Langston Blvd., in Arlington
modern and flexible facility will enhance our operational capability and open new doors to growth in the future. That, in turn, will enable us to be ever more effective ad- vocates for the Airmen and Guardians of our U.S. Air Force and Space Force.” The 85,422 s/f, class B of -
fice building sits on 1.3 acres in the prominent and much sought after Rosslyn neigh- borhood in Arlington’s Ross - lyn-Ballston Corridor. AFA occupies 28,715 rentable s/f while the rest of the property is leased to 10 other tenants. Added Saffer, “AFA is on a mission to modernize and
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