FOR IMMEDIATE RELEASE
CPDC Announces Acquisition of Southeast D.C. Randle Hill Apartments
Leading not-for-profit real estate developer CPDC to revitalize, preserve affordability at Southeast Washington, D.C. apartment community.
SILVER SPRING, MD (December 1, 2016) –Community Preservation and Development Corporation (CPDC) today announced acquisition of Randle Hill Apartments in Southeast Washington, D.C. Located in Congress Heights—a neighborhood where CPDC owns multiple properties and is undergoing broad community development efforts—CPDC plans to renovate the property, sustain it as a mixed-income community and connect residents to its existing network of services and programs in Ward 8 designed to improve quality of life.
Built in the 1960s, Randle Hill is composed of 17 garden-style buildings comprising 196 units, including efficiencies, one, two and three bedroom apartments. Located at 3300 6th St SE, the property is situated near the redevelopment of St. Elizabeths Hospital in Ward 8 and is located about a half mile from the Congress Heights Metro (Green Line). It is also in close proximity to I-295 near the Anacostia Naval Base, Bolling Air Force Base and I-495/I-95.
“The redevelopment of Randle Hill underlines CPDC’s commitment to expanding community development in Congress Heights, and furthers the organization’s strategic goals of preserving and developing critically-needed affordable housing in the District,” said CPDC Senior Real Estate Developer Stacie Birenbach, who led the acquisition.
With a purchase price of $18.62 million, financing for Randle Hill consists of a 95% acquisition loan from Community Housing Capital and CPDC’s own corporate equity.
“CPDC is committed to providing safe, high-quality affordable housing to low- and moderate-income individuals and families,” said Shelynda Burney-Brown, Vice President, Real Estate. “These renovations will preserve the long-term affordability of this community and create a home environment where residents can grow and thrive.”
For more information on CPDC’s affordable housing communities in Washington D.C., Maryland and Virginia, visit www.cpdc.org.