Nonprofit Takes On $105M Silver Spring Project: The D.C. Deal Sheet
Enterprise Community Development plans to redevelop a 1960s-era affordable senior housing community near downtown Silver Spring, a project that is expected to significantly increase the number of homes.
The developer announced this week that it will replace the 146-unit Springvale Terrace, located half a mile from the Silver Spring Metro station, with a new 236-unit community named The Springvale. A spokesperson for Enterprise told Bisnow the total development cost is expected to be $105M.
Expected to be completed in 2028, The Springvale will be restricted to residents earning between 30% and 80% of the area median income, with the majority earning between 30% and 60% of AMI. Residents of the former senior home have been relocated ahead of the redevelopment but will have the opportunity to return upon completion. Amenities are set to include a fitness center, a library, social and media rooms, and a central outdoor courtyard.
Local nonprofit Seabury Resources for Aging, the previous operator, will continue operating the redeveloped community.
“Seabury is proud to continue its longstanding commitment to serving older adults through this next chapter at Springvale Terrace,” Seabury Executive Director Dawn Quattlebaum said in a release.
“This new community will allow residents to age with dignity, independence and access to the services they need to thrive. Seabury is proud to continue offering resident services at the newly completed community,” she added.
LEASES
Working America, the community affiliate of the American Federation of Labor and Congress of Industrial Organizations, inked a 14K SF lease at Calvin Cafritz Enterprises’ Farragut Center, Colliers, which represented the landlord, announced this week. Cafritz has plans to renovate the building at 1725 Eye St. NW, which is set to include an updated lobby, conference center, fitness facility and revamped rooftop terrace. Colliers’ Mark Sullivan, Matt Venos and Cassidy May represented Cafritz, and Lincoln Property Co. represented Working America.
SALES
Duball purchased a 160K SF office building in downtown D.C. with plans to convert it into a 150-unit apartment building. The Rockville-based developer and its undisclosed institutional partner paid $23.1M in cash for 1090 Vermont St. NW, Bisnow first reported this week. TF Cornerstone was the seller of the 1980s-era office building. Duball’s conversion, including the purchase price, is expected to cost around $100M. Construction is set to commence in the fourth quarter of the year with a 20-month construction timeline.
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Real estate magnate Chuck Kuhn has sold a 9.82-acre site in Sterling, Virginia, that is approved for data center development, the Washington Business Journal reported. Boston-based TA Realty purchased the parcel, just south of Dulles Town Center, from Kuhn’s JK Land Holdings for $60M, or $6.3M an acre, in an off-market transaction. JK Land Holdings had purchased 45564 Thayer Road for $5M in 2020, according to WBJ.
FINANCING
Blackstone Real Estate’s affordable housing arm, April Housing, announced that it is providing more than $25M in financing to make improvements and extend affordability at a 248-unit Prince William County community. The investment will ensure that The Regency, which consists of 1997- and 2001-era townhomes and garden-style units across 32 buildings, remains at affordable rent levels for the next 50 years. The community is fully leased to residents earning up to 60% of the area median income. Planned unit-level improvements include replacing cabinets, flooring, paint and windows. Common-area renovations are also on the boards.
