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New Owner to Invest $18 Million to Revamp Southeast DC’s Stanton Glenn
Concord Communities has acquired an affordable housing complex in Southeast Washington, D.C., with a substantial capital improvement plan in the works.
The D.C.-based affordable housing owner and developer paid $39.5 million for Stanton Glenn, a 379-unit complex built off Suitland Parkway at 3048 Stanton Road SE. Concord bought the property from Castle Management Corp., with the deal coming out to about $104,000 per unit, and a capitalization rate, or rate of return, of -2.91%.
Under its new owner, Stanton Glenn is slated to undergo more than $18 million in renovations that are designed to revamp the 1967-complex at a time when the surrounding Congress Heights neighborhood is being revitalized thanks in part to the ongoing development at the nearby St. Elizabeths East campus, which has brought new housing and entertainment options including the $55 million Sports and Entertainment Arena that serves as home court to the Washington Mystics.
Another wave of development is also in the works after Standard Real Estate Investments disclosed plans last month to build a $290 million office and multifamily project at the Congress Heights Metro station.
Concord’s plans include upgrades to the residences, common areas and infrastructure, with the capital improvement program expected to wrap up later this year. The firm, a wholly owned affiliate of national real estate investor manager and developer Lowe, said it tapped Edgewood Management to serve as property manager.
Concord secured $51 million in financing through EagleBank for the acquisition and future renovations. Stanton Glenn consists of one- to four-bedroom units located in 30, four-story walk-up buildings. The property is in the extended use period of its low income housing tax credit, or LIHTC, rent and income restrictions, which are scheduled to end in 2031, according to a release from The Zupancic Group.
For the Record
Marty Zupancic and Eric Jentift-Herr of The Zupancic Group of Marcus & Millichap brokered the deal.
Marcus & Millichap is the nation’s largest brokerage firm focused exclusively on investment sales. It is based on a simple premise: matching each property with the largest pool of pre-qualified investors. With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research, and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more about the company, please visit www.MarcusMillichap.com.