OneWall Communities has acquired a 178-unit affordable multifamily community in Suitland, Md. RailField Partners sold the asset in a $23 million a deal brokered by CBRE Affordable Housing.
The new owner rebranded the suburban Washington, D.C. community, formerly known as Allentown Apartments, as Gateway Station. Upon its previous sale in 2019, the property became subject to a $14.8 million CMBS loan originated by Capital One, according to Yardi Matrix data.
The garden-style community operates under the Section 42 Low-Income Housing Tax Credit program and encompasses eight buildings with studio, one-, two- and three-bedroom units, ranging between 480 and 1,392 square feet. Common-area amenities include a swimming pool, a playground, 182 parking spots and three laundry facilities. In-unit amenities consist of dishwashers, walk-in closets and private patios or balconies. The community was completed in 1963 and went through a complete renovation in 2007.
Located at 5215 Morris Ave., Gateway Station is just off Capital Beltway, with downtown Washington D.C. less than 14 miles away. There are several dining options, retail spaces and entertainment venues nearby. Green areas, such as Auth Village Park, Douglas Patterson Park and Michael J Polley Park, are within a 2-mile radius. Major federal employers, such as Suitland Federal Center, Joint Base Andrews, U.S. Coast Guard and Department of Homeland Security, are situated in the area.
Affordable housing in Washington, D.C.
The affordable housing shortage is affecting the population nationwide and the Washington D.C. metro is no exception. Recently, The District of Columbia Housing Finance Agency provided financing for two affordable projects within the metro. In September, DCHFA backed the transformation of Ridgecrest Village Phase I, a market-rate community situated within the Anacosta/Garfield Heights submarket. The first stage will transform six existing buildings into affordable homes.
That same month, DCHFA also provided $118 million in construction financing for The Paxton, an upcoming 148-unit affordable community within the Ward 7 district. Upon completion, the community will cater to residents earning 30 percent to 50 percent below the area median income.
