O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — Section C
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Purchased for approximately $15 million with a $30 million total capitalization Standard Communities acquires Ritch Homes Apartments in Washington, DC
HI-LIGHTS Feb. 19 - March 12, 2021 SPOTLIGHT Property Management ASHINGTON, DC — Standard Com - munities , the af- fordable housing division of Standard Companies , has acquired Ritch Homes Apart- ments, located at 1420 and 1424 R St. NW. The property consists of 42 rent-subsidized apartments for low income families. Standard will add four units to the site as part of an extensive renovation. Pur- chased for approximately $15 million with a $30 million total capitalization, this transaction will preserve and extend the W
panel systems. Amenities such as a fitness center and business center will also be added as part of the renovations. The acquisition of Ritch Homes builds upon Standard Communities’ successful part- nerships with tenant asso- ciations through the Tenant Opportunity to Purchase Act (TOPA.) Via a similar TOPA process, Standard acquired Fort Chaplin Park Apartments in the District of Columbia, where the Standard-led team expanded the affordability at that com- munity and ensured the apart- ments remain affordable for at least 30 years. In addition, Stan- dard completed a comprehen- sive $33 million, tenant-in-place renovation that upgraded unit interiors, modernized building systems and added a 5,000 s/f LEED certified Community Center at Fort Chaplin Park Apartments. MAREJ
(DHCD), Housing on Merit (HOM), Darrell Green En - terprises and the 1420-1424 ouRSt Tenants Association. “We are proud to expand our presence in DC and to continue our efforts to help the District meet its affordable housing goals,” said Scott Alter , co- founder and principal of Stan- dard Communities. “Utilizing private capital, and working with the 1420-1424 ouR St Tenants Association and the District, allowed Standard to assist the community’s resi- dents by preserving the long- term affordability of these apartments,” said Alter. Built in 1920, the commu- nity consists of two separate buildings with 42 Section 8 family units. Renovations will include updated kitchens and bathrooms, new appliances, flooring, common area light- ing, security systems and solar
Ritch Homes Apartments
community's affordability for the next 30 years. Completed via a public- private partnership, Stan- dard Communities worked on this transaction with the DC
Housing Finance Authority (DCHFA) , the US Depart - ment of Housing and Urban Development (HUD) , the DC Department of Housing and Community Development
Cushman &Wakefield arranges the sale of a $50Mmultifamily portfolio in Central/WVA
5-17C
CENTRAL/WESTERN VIRGINIA — Cushman & Wakefield arranged the $50M sale of a five apartment community portfolio located in Central/Western Virginia. The Cushman & Wakefield team of Jorge Rosa, Antho - ny Liberto, Marc Robinson and Clay Taylor (Cushman & Wakefield | Thalhimer) represented both the seller, Langley Apartments , and buyer, Woodrock Property Group , in the transaction. "Multifamily continues to be an outperformer during the COVID-19 pandemic with significant capital looking to invest in the asset class,” said Jorge Rosa, executive director at Cushman &Wake- field. "Overall interest and engagement for The Langley Central Virginia Portfolio was as strong as we've seen in these markets and a great example of the larger trend of investment capital flowing into multifamily." The properties will be repo- sitioned in 2021 using interior renovation strategies. The as-
Edge wins engineering services contract for 16-building portfolio
2935 Rivermont Ave., Lynchburg, VA
2404 Tate Springs Rd., Lynchburg, VA
Shaun Comer
Marcus & Millichap arrange sale of 120-unit apt. bldg. 18C
18C
4715 Boonsboro Rd., Lynchburg, VA
1650 Lancing Dr., Salem, VA
ALSO INSIDE People on the Move ............20C www.marej.com
sets were well maintained with significant capital re- cently invested in building systems and exteriors leaving the majority of investment
capital to be focused on income producing renovations. The buildings are located at 2 Timber Ct., Lynchburg, VA, 2935 Rivermont Ave., Lynch-
burg, VA, 2404 Tate Springs Rd., Lynchburg, VA, 4715 Boonsboro Rd., Lynchburg, VA and 1650 Lancing Dr., Salem, VA. MAREJ
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