Partnership acquires Park Shirlington apartments in Arlington
Standard Communities, the affordable housing division of Standard Property Co., has acquired the 294-unit Park Shirlington apartment community in Arlington for $66.7 million in partnership with the National Foundation for Affordable Housing Solutions (NFAHS).
Standard, a real estate investment and management firm focused on multifamily assets nationwide that has six offices across the country, said the transaction preserves Park Shirlington as a well-located, naturally affordable housing property in the immediate term, while the new ownership explores potential long-term preservation options. Naturally occurring typically refers to apartments that aren't encumbered by reduced rental restrictions, such as section 8 housing, but the location, age and proximity to amenities make these properties attractive as workforce housing.
The 16-acre property is adjacent to the Village at Shirlington, a dining and entertainment destination located just outside of Washington, D.C. Standard said in a news release that the community provides housing options in an amenity-rich neighborhood that would otherwise be out of reach for many of the lower-income families that currently call Park Shirlington home.
“The acquisition of Park Shirlington is an especially exciting transaction for our team and for the property’s residents,” Standard Communities Co-founder Jeff Jaeger said in a statement. “As we look toward the future of Park Shirlington, we are thrilled to have the opportunity to reinvigorate the complex and bring it into its next phase of development.”
Todd Travis, president and CEO of the National Foundation for Affordable Housing Solutions, — a Rockville, Md.-based nonprofit that works to preserve the country’s existing assisted rental housing stock, said in a statement: “Park Shirlington’s location made it an important acquisition opportunity … There are fewer and fewer properties in the D.C. area that allow lower-income residents to call an amenity rich, walkable community home. We are proud to be involved in helping to shape the future of Park Shirlington for the better.”