City of Alexandria, Virginia
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MEMORANDUM
DATE: DECEMBER 4, 2019
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
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Consideration of a Request from the Alexandria Housing Development Corporation (AHDC) for a City Loan of $8 Million to Acquire the Avana Alexandria Apartments Property and Preserve it as Affordable and Workforce Housing.
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ISSUE: Consideration of a City loan of $8 million to the Alexandria Housing Development Corporation (AHDC) to acquire the Avana Alexandria Apartments to preserve it as committed affordable and workforce rental housing (Attachment 1).
RECOMMENDATION: That City Council approve a loan of $8 million to AHDC from City affordable housing funds to acquire and preserve the Avana Alexandria Apartments as committed affordable and workforce rental housing.
BACKGROUND: In mid-October, AHDC was contacted by representatives of JBG-SMITH (JBGS) regarding a potential multifamily acquisition opportunity listed for sale in the City. The Avana Alexandria Apartments, located at 3001 Park Center Drive, has 326 apartments, including a mix of one- (137) and two- (187) bedroom units, as well as one three-bedroom unit and one four-bedroom unit. There are many onsite amenities, including a tot lot and playground, business center, swimming pool, community room and a fitness room. The property is in very good condition, with more than one-third of the units fully renovated very recently, and other units receiving updates at turnover. The complex is located on approximately six-acres, with half of the site currently developed as surface parking. The property is privately-owned with unrestricted rents: most rents fall within a range characterized as "workforce" level by the City, i.e., affordable to households at 70% to 80% AMI, with some above that.
For more than a year AHDC and JBGS have col...
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