Completion of a redevelopment project in Northern Virginia that turned a site with 31 garden-style apartments into a 234-unit affordable housing complex increased the supply of less-expensive options in the region.
Developer True Ground Housing Partners marked the grand opening of Wholey Legacy Homes in Arlington County's Rosslyn neighborhood in December. The property serves residents earning between 30% to 60% of the area median income.
Successful completion of the renovation earned the project the 2026 CoStar Impact Award for redevelopment of the year in the Washington, D.C., area, as judged by real estate professionals familiar with the market.
About a 15-minute walk to the local Metro rail station, the project transformed a portion of True Ground's Marbella Apartments development to expand lower-cost housing near the nation's capital.
"Our regional affordable housing supply is still far short of demand, and we're working hard to continue adding quality housing," said True Ground President and CEO Carmen Romero in a statement.
The total project cost was about $136 million, with construction costs accounting for nearly $83 million.
About the project: Located at 1300 N. Pierce St. in Arlington, the 12-story building offers 84 one-, 100 two- and 50 three-bedroom apartments to accommodate families of varying sizes. The building contains 110 garage parking spaces, an outdoor courtyard, multiple community spaces for resident programming, a fitness center and a rooftop terrace. Plus, residents can enjoy free Wi-Fi connectivity in their units and common areas.
Virginia Housing is providing $32.5 million in permanent loan financing. Arlington County's Affordable Housing Investment Fund provided $21.8 million in financing. Capital One provided the construction loan and partnered with Hudson Housing Capital to purchase the tax credit equity. Additional funding sources include $7.6 million in loans from the Virginia Department of Housing and Community Development, $4 million from Virginia Housing Innovations in Energy Efficiency and $1.8 million from the National Housing Trust Fund.
What the judges said: "Wholey Legacy Homes stands out for delivering significant new affordable housing density in a transit rich Rosslyn location where supply remains extremely constrained," said Kelly Mangold, a principal of strategic initiatives with RCLCO.
They made it happen: Christopher Gordon with KGD Architecture; Neal Frumkin with Donohoe Cos.; JD Bondurant with Virginia Housing Department Authority; Anne Venezia with Arlington County; Chloe Rote with Department of Housing and Community Development; Ted Kalriess with KCM Construction Management; Karen White of Walter L. Phillips; Stephanie Pierre-Louis of Capital One; Kimmel Cameron of Hudson Housing Capital; and Carmen Romero of True Ground Housing Partners.