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Exclusive: Jubilee Housing to purchase Adams Morgan property for $10M

D.C. nonprofit Jubilee Housing Inc. is targeting a swath of property in Adams Morgan for its next affordable housing project.

Jim Knight, executive director and president of Jubilee, told me the nonprofit is now under contract to acquire four parcels between 2326 and 2338 Ontario Road NW from Adams Investment Group for $10 million.

The acquisition, expected to close by June, will be the third real estate investment financed in part by the group’s $5 million Justice Housing Partners Fund, which was created last year to help the nonprofit acquire and rehab buildings in D.C. communities that have become less affordable over the years.

The other two are located at 1724 Kalorama Road NW, the former Transcentury Building in Adams Morgan that Jubilee bought for $8 million last year and plans to convert into affordable housing and an arts center, and 1460 Euclid St. NW in Columbia Heights, where Jubilee spent $6 million to preserve 25 affordable units.

Jubilee plans to line up construction…

Read the full story from the Washington Business Journal.