A 14-story Arlandria apartment complex has been acquired by the Alexandria Housing Development Corporation, the latest move in an effort to preserve affordable housing in an area facing significant development pressure.
AHDC recently announced that it bought the Park Vue of Alexandria apartments from Florida-based ZRS Management with support of $51.4 million from the $2 billion Amazon Housing Equity Fund, and conditionally will reman affordable for at least 99 years.
The announcement of the sale comes as developments progress on Amazon’s HQ2, Virginia Tech’s Innovation Campus and the Potomac Yard Metro station — all projects that have raised concerns of gentrification.
“AHDC’s goal is to ensure that those who are currently living in this community have the chance to stay, and that households of all incomes will be able to enjoy the benefits of this vibrant neighborhood well into the future,” AHDC CEO Jon Frederick said in a statement. “As a non-profit that is dedicated to community development in Alexandria, the acquisition of Park Vue of Alexandria helps us achieve our mission of creating and preserving housing affordability here in our own backyard and allows us to create meaningful connections in the Arlandria-Chirilagua neighborhood.”
Earlier this month, City Council also approved a $10.5 million loan to the nonprofit to begin development on more than 500 affordable housing units in Arlandria at the intersection of Glebe Road and Mount Vernon Avenue.
“The culture and diversity of neighborhoods like Arlandria-Chirilagua are what makes Northern Virginia such a wonderful place to live, work, and thrive,” said Catherine Buell, director of the Amazon Housing
Equity Fund. “But unique communities like this, with all its valuable contributions, could be otherwise lost to commercial development that does not factor in the affordability needs of the community. By teaming up with organizations such as Alexandria Housing Development Corporation, we are able to help preserve and grow the housing stock for moderate- to low-income households to help build more diverse and inclusive communities.”
No residents at the Park Vue building will be displaced by the sale, and the conversion to affordable units will take place over the next several years, according to AHDC. The purchase maintains “accessible” rents for households making up to 60% of the area median income.
“As a partner with the Amazon Housing Equity Fund, Park Vue of Alexandria will maintain a 99-year affordability covenant,” AHDC said in the release. “AHDC will work with Amazon and other lending partners to refinance the property in the coming months to help support the long-term affordability of Park Vue of Alexandria.”
Alexandria lost 90% of its affordable housing stock between 2000 and 2017, and the city has pledged to produce or develop thousands of units to meet 2030 regional housing goal set by the Metropolitan Washington Council of Governments.
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