Wesley Housing Completes $62M Fort Totten Project: The D.C. Deal Sheet
Seventy new affordable housing units are now open on a Fort Totten site that previously housed less than half that number.
Wesley Housing, joined by D.C. housing officials, development partners and residents, cut the ribbon Thursday on the $61.5M expansion and renovation of One Hawaii at 1 Hawaii Ave. NE. Residents started moving in last month.
The project, which more than doubled the previous building’s 34 units, was the result of a Tenant Opportunity to Purchase Act process. Wesley Housing purchased the property in March 2018 on behalf of its residents.
The 70 units are reserved for individuals and families earning between 30% and 80% of the area median income. All former tenants in good standing have the right to return, and the development team said 10 households plan to do so.
The development was financed through federal and D.C. low-income housing tax credits, solar tax credits, tax-exempt bonds, a Freddie Mac permanent loan and funding from D.C.'s Housing Production Trust Fund. Rental assistance comes from the DC Housing Authority’s Local Rent Supplement Program.
“One Hawaii shows what’s possible when residents lead and the District brings every tool to the table,” Department of Housing and Community Development Director Colleen Green said in a release. “Through a strong mix of local, federal and private financing, we’re delivering the kind of vibrant, affordable housing District residents deserve.”
LEASES
Eastbanc and Acadia Realty Trust landed a swimwear retailer in Georgetown. Frankies Bikinis is taking 1,500 SF at 1238 Wisconsin Ave. NW. It’s the first D.C.-area location for the California-based brand, which has stores in California, New York, Chicago and Miami. The shop opens Friday.
SALES
Comstock Holding Cos. has acquired a 6.8-acre office campus in Herndon and signed leases with national security contractor Peraton to locate there. The company paid $40.2M, Fairfax County property records show. Union Investment Real Estate GmbH Corp. was the seller. The Woodland Pointe campus at 2200 Woodland Pointe Ave. houses a 185K SF office building that Peraton already leases, and there are plans to develop another 100K SF build-to-suit office building for the company. CBRE’s Meredith LaPier represented Peraton, and Comstock was represented in-house by Tim Steffan.
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Maryland Automotive Group sold a portfolio of 12 car dealerships in southern Maryland for nearly half a billion dollars, according to its broker, CBRE. Brandon Steven Motors’ Brandon Steven was the buyer. A news release says the acquisition is more than six times the size of anything BSM has previously acquired. The portfolio spans Upper Marlboro, Waldorf, Prince Frederick, La Plata, Lexington Park and Leonardtown, Maryland. CBRE’s James Mitchell, Erin Rice and Artin Sepanian represented the seller.
MILESTONES
WRS broke ground on its $1.2B redevelopment of the Lakeforest Mall in Gaithersburg. The Charleston, South Carolina-based developer plans to turn the 102-acre site into a mixed-use, transit-oriented district with 1,600 residential units, nearly half a million square feet of retail and a new public transit center. It will also have 35 acres of green space and pedestrian and bike networks connecting it to surrounding areas. Previous plans called for 750K SF of life sciences-oriented development, which is now being reevaluated.
