CPDC’s Formative Years (1989-2004)
Tribute #2 – Our Portfolio: Building the Real Estate Development Pipeline
Following its formation in 1989, CPDC’s former president Leslie Steen and her development team worked vigorously to build the organization’s real estate development pipeline. Acquiring over 18 properties in the period between 1989 – 2004, CPDC was quickly becoming a force. Among its earliest properties were Central Gardens II, Admiral Oaks, Arbor View, Essex House and Edgewood Terrace I: The Vantage and the Parke.
Central Gardens II (acquired 1990)
Central Gardens II is a 106-unit garden apartment complex with one-, two-, and three-bedroom units, a pool, and a community service area. Prior to redevelopment by CPDC, Central Gardens II was a deteriorated, drug-infested slum with an owner disinterested in operating and maintaining the property. In 1990, the property was purchased and redeveloped in a joint venture between CPDC (managing general partner) and Mid-City Financial Corporation. Today it is operated in conjunction with its neighbor, Central Gardens I, and serves very low-income families with Section 8 assistance. Learn more about Central Gardens II.
Admiral Oaks (acquired 1991)
Previously known as Boston Heights, Admiral Oaks holds an important place in CPDC history as the first affordable housing community that the organization preserved. The 159-unit community in Annapolis, MD is composed of two-bedroom townhouses and flats, and two-, three-, and four-bedroom garden apartments. CPDC acquired the property in 1991 and completed a substantial renovation that successfully transformed a property that was once notorious for being an open-air drug market and “housing of last resort.” In keeping with its mission, CPDC agreed to keep 100% of the units affordable for 99 years. Learn more about Admiral Oaks.
Arbor View (acquired 1993)
Formerly known as Southern Ridge Apartments, Arbor View is a garden apartment community consisting of 156 rental-housing units and a 4,800 sq. ft. daycare center, located in six buildings on Southern Avenue in Southeast Washington, DC. It contains a mix of efficiency, one-, two-, and three-bedroom units. The property was originally developed by the Greater Southeast Hospital Foundation (now United Medical Center), but fell into disrepair. The Foundation brought in CPDC to purchase and redevelop the property after a previous redevelopment effort with another firm failed. Learn more about Arbor View.
Essex House (acquired 1994)
Essex House is a 135-unit high-rise apartment building consisting of one-, two-, and three-bedroom units. The demographics of the Essex House community are diverse, with residents representing a wide variety of ethnic backgrounds and age groups. Before CPDC purchased Essex House, the resident association was inactive. During acquisition, CPDC met regularly with the residents to discuss the organization, the construction plans, and how CPDC would approach long-term ownership. Learn more about Essex House.
Edgewood Terrace: The Vantage and the Parke (acquired 1995)
Edgewood Terrace contains 292 apartments, and is made up of a mid-rise building and six garden apartment buildings containing efficiencies along with one-, two-, three-, and four-bedroom apartments. Edgewood Terrace was the first wired affordable housing community, as well as the first Neighborhood Network Center in the country. Edgewood Terrace quickly became known as CPDC’s flagship property due to its mixed-use which allowed the organization to program some 40,000 square feet of common space for resident services.
Edgewood Terrace is part of a larger campus of communities. Acquired between the periods of 1995 – 2001, the full Edgewood campus consists of the following properties:
- Edgewood Terrace: The Vantage and The Parke
- Edgewood Gardens: The Gardens
- Edgewood Seniors: The View
- Edgewood IV: The Vista