The Arlington County Board on Saturday approved a $4 million loan that will help a local non-profit purchase a 134-unit affordable apartment complex.
The Arlington Partnership for Affordable Housing (APAH) plans to use the loan to help purchase the Marbella Apartments (1301 N. Queen Street) in the Radnor/Ft. Myer Heights neighborhood. APAH is in the process of securing about $10 million from the Virginia Housing Development Authority to complete the $13 million purchase.
The Marbella Apartments include 120 existing committed affordable units, but the restrictions that keep the units affordable are set to expire in 2018. With its purchase, APAH will keep the units affordable for at least another 60 years, and will convert the complex’s 14 market rate units to committed affordable units.
The complex was built on 3.5 acres of land in 1947. It was renovated by its current owner, the Silverwood Companies, between 1998 and 1999. APAH will not undertake any further remodeling for a minimum of 10 years, but may choose to build additional apartments on the property down the road.
“Current zoning allows for 78 additional affordable units, creating a future land banking opportunity,” APAH said in an information sheet about its planned purchase.
See more information on Arlington County’s web site.