CPDC Acquires Norfolk Apartment Communities for $20M
CPDC’s acquisition of Woodmere Trace, a 300-unit workforce housing property in Norfolk, represents the DC nonprofit’s entrance into the Hampton Roads market. The deal is being financed through the Housing Partnership Equity Trust, or Equity Trust, a social-purpose REIT created to increase the stock and improve the quality of affordable and workforce housing. The community features with one and two bedroom apartments that will range in rent from $800 to $1,000.
CPDC Acquires Norfolk Apartment Communities for $20M, MHN Online, 09/10/13