APAH Begins Redevelopment of $150M Marbella Apartments in Arlington
The Arlington Partnership for Affordable Housing (APAH) has begun construction on the redevelopment of the Marbella Apartments in Arlington, Va.
A new 234-unit affordable development will replace the former 31-unit garden-style apartment complex, which is being torn down.
Construction partners include general contractor Donohoe, construction management KCM, civil engineer Walter Phillips and architecture firm KGD.
Capital One provided a $36.2 million construction loan and a $59.7 million low-income housing tax credit equity investment. Hudson Housing Capital is partnering with Capital One as the project’s equity investor and tax credit syndicator.
Additionally, Virginia Housing Development Authority provided $32.5 million in permanent loan financing and awarded the project 9 percent and 4 percent tax credits, marking APAH’s seventh project to employ this financing model. Arlington County’s Affordable Housing Investment Fund also kicked in $21.8 million in financing.
The new Marbella Apartments will consist of 84 one-bedroom, 100 two-bedroom and 50 three-bedroom units.
Scheduled to be completed in early 2025, the apartments will be reserved for residents earning household incomes between 30 and 60 percent of area median income, which currently is $124,474 for a household of four.
The community will include solar panels, and offer free resident Wi-Fi, a resident services suite and a courtyard. APAH will also seek EarthCraft Gold and Energy Star certifications to recognize Marbella’s reduced greenhouse gas emissions and lower energy consumption.
“APAH is committed to adding more quality affordable homes in Arlington and throughout the region,” Carmen Romero, APAH’s president and CEO, said in a prepared statement. “This neighborhood is facing rapidly rising costs which disproportionately burdens lower-income households. Marbella Apartments’ redevelopment is an opportunity to serve even more residents and offer some relief.”
The property is a short walk to Courthouse Metrorail station.
Keith Loria can be reached at Kloria@commercialobserver.com.