Built in 2010
Glebe Park Apartments, purchased in 1987 by ARHA, was a community of 40 affordable units and 112 market rate units located on three parcels of land fronting West Glebe Road and Old Dominion Boulevard. The 40 affordable units in Glebe Park Apartments were protected under a resolution executed between ARHA and the City Council of Alexandria, requiring one-for-one replacement of all publicly assisted housing units. Over the years the value of the market rate units declined significantly due to deferred maintenance, to the point that all 152 units became affordable by virtue of their condition. The property was then placed in default by HUD due to high vacancy rates. ARHA could either divest its portfolio of this non-performing asset, or somehow transform it into a performing property.
The redevelopment of Glebe Park Apartments and restoration of this housing project to financial health required a decade of research, multiple planning studies, flexibility, inventiveness, and a levelheaded assessment of the options available to the owner, investors, and lender. Several design and financing constraints had a significant impact on redevelopment alternatives that could be considered for the community, the most significant of which was a $15 million mortgage that was in excess of the appraised value of the asset. The resulting decision was that VHDLLC would redevelop the West Glebe community in conjunction with another of ARHA’s assets that had tremendous land value and no debt, generating enough capital to finance redevelopment of the three Glebe Park Apartments related land parcels. The endeavor was successfully completed in 2010.
DetailsCOMMUNITY COMPOSITION 134 Affordable Rental Units 159 Market Rate Townhomes 86 Market Rate Multi-family Units FEATURES 5 Blocks from Braddock Road Metro 5 Minute Walk to King Street in Historic Old Town Alexandria 5 Miles from Washington D.C. Next to Charles Houston Recreation Center Walkable to Multiple Riverfront Parks LEED/Earthcraft Certified CONTRIBUTING PARTNERS Alexandria Redevelopment & Housing Authority – Land Sale Proceeds Virginia Housing Development Authority – 9% LIHTC City of Alexandria Boston Capital – Equity Syndicator Eakin Youngentob Associates (EYA) – Market Rate Component Developer
AwardsDelta Associates Award for Excellence: 2013 Best Mid-Atlantic Neighborhood Impact Condominium Community NAHRO 2014 Award of Merit: Successful Use of A Public Private Partnership ULI Award of Excellence: 2014 Jack Kemp Affordable & Workforce Housing Models of Excellence Virginia Governor's Housing Awards: 2013 Best Mixed-Income Project The Great American Living Awards (GALA): 2011 Best Designed Architecture, 2010 Best Green Community, 2010 Most Innovative Infill Neighborhood Best in American Living Awards (BALA): 2013 Gold Award, Neighborhood of the Year