The nonprofit Washington Housing Conservancy, whose mission is to preserve affordable housing options for D.C. area residents, has acquired a 212-unit apartment building in Northeast D.C.
Washington Housing Conservancy made the $71.5 million acquisition of the Loree Grand at 250 K Street, NE with financial backing from Amazon and JBG Smith Properties.
It is the fifth acquisition for Washington Housing Conservancy and the second in the District, expanding its portfolio of affordable housing units in the D.C. area to 1,600. The group has set a goal of preserving or converting 3,000 units.
The Loree Grand acquisition was a partnership with Amazon’s Housing Equity Fund and Impact Pool, an investment vehicle managed by JBG Smith. Washington Housing Conservancy will stabilize rents at the building for moderate income workers and their families, at risk of being displaced by the highly competitive housing market. EagleBank provided first mortgage financing.
“We ensure that more middle-income earners — like first responders, hospitality workers and teachers — are relieved of the rent burdens that make it hard to save money and build wealth for the future,” said Kimberly Driggins, executive director of Washington Housing Conservancy.
The Loree Grand already includes 30 Inclusionary Zoning units that will be preserved for 99 years. With the acquisition, Washington Housing Conservancy will create an additional 129 affordable units for residents earning 80% of area median income or less, and set aside another 53 units for residents earnings 120% of area median income or less.
The building is in an amenity-rich neighborhood near Union Market, NoMa and the H Street corridor. A recently-opened early child care and preschool center is nearby.
A map of the area where the Loree Grand is located is below.