LEO Impact Capital, the workforce housing investment management platform of JBG SMITH, announced its investment vehicle Impact Pool has made a preferred equity investment in Haven Columbia Pike in Arlington, Va. The investment is intended to preserve affordability of the 118 apartments owned by Insight Property Group.
The investment by LEO enables Insight to recapitalize Haven Columbia Pike, fund substantial capital improvements and earmark the 118 units as workforce housing for families earning no more than 60 percent of area median income, approximately $88,000, in one of the nation’s highest cost-of living areas.
Park access
Located at 805 S Florida St. in Arlington, Haven Columbia Pike is a pet-friendly garden-style residential community featuring a blend of one- to three-bedroom apartments spread across six buildings. Features and finishes of apartments include large windows, breakfast bars, central air conditioning and heat, wall-to-wall carpeting, in-unit washers and dryers, modern vinyl plank flooring, vertical and mini blinds, separate dining areas and stainless steel appliances. Amenities include 99 off-street parking spaces, bicycle storage, landscaped grounds and individual storage units.
Situated in a highly desirable submarket of Arlington, the community provides access to Tyrol Hill Park and Long Branch Nature Center. Shopping centers Columbia Pike Plaza and Barcroft Shopping Center are both within walking distance. A number of transit and subway stations, as well as commuter rail stations, are within a 12- to 15-minute drive. Residents have convenient access to major regional thoroughfares that include I-385, I-95, George Washington Memorial Parkway and Route 50. Ballston is a 10-minute drive away and National Landing and the Pentagon are 15-minute commutes by private auto. Ronald Reagan Washington National is just a 15-minute drive from the property. Earlier this year, Pembroke acquired The Alexan Fitzroy, a LEED Gold Certified, 10-story, 267-unit property in Arlington, Va. for $158 million.
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