DCP, Jonathan Rose Cos. Acquire Workforce Housing Community in District Heights, Maryland for $164M
DISTRICT HEIGHTS, MD. — Washington, D.C.-based Dantes Community Partners (DCP), in a joint venture with New York-based Jonathan Rose Cos., has acquired The Avanti Apartments. The 930-unit workforce housing community is located in District Heights, about 10.9 miles from Washington, D.C. Dragone Realty Investments and GMF Capital sold the property to the joint venture for $164 million. CBRE represented the sellers in the transaction.
Built in 1960, The Avanti includes 26 apartment buildings with a mix of one-, two- and three-bedroom apartments. The property offers 372 new units of income-restricted housing. Twenty percent of units are affordable at 50 percent of area medium income (AMI) and another 20 percent of units are affordable at 80 percent AMI.
Community amenities include two swimming pools, a two-story clubhouse, pool house, fitness center, business center, dog park, playground, jogging/walking trails and a picnic area.
DCP and Jonathan Rose Cos. will implement resident services and programming and invest in capital improvements to upgrade resident amenities, enhance curb appeal and drive down utility costs and consumption through targeted eco-friendly improvements.
Located at 6501 Hil-Mar Drive, the property is situated five miles from the Branch Avenue Metro Station and five miles from One Town Center, the new headquarters for the U.S. Citizenship and Immigration Services, an agency of the U.S. Department of Homeland Security.
Walker & Dunlop arranged an undisclosed amount of Fannie Mae debt financing for the transaction. DCP’s property management affiliate, Faria Management, will operate The Avanti.