WASHINGTON - The Washington Housing Conservancy, a nonprofit focused on affordable housing in D.C., has acquired the Loree Grand apartment building in Northeast D.C.
The WHC purchased the 212-unit Loree Grand apartment community for $71.5 million in partnership with Amazon’s Housing Equity Fund and the Impact Pool, an investment vehicle managed by DC-area developer JBG Smith.
The Loree Grand, located at 250 K Street, NE, is a 10-story luxury apartment community that features studio, one- and two-bedroom apartments within walking distance of Union Station, Capitol Hill and the Smithsonian Museums.
The acquisition brings WHC's portfolio of affordable housing units in the D.C. area to 1,600, making the nonprofit more than halfway to its goal of acquiring or preserving 3,000 affordable rental homes.
"The acquisition of the Loree Grand and our promise of affordable rents serves both current and future residents and our mission to promote housing stability. With tremendous support from Amazon and its Housing Equity Fund and the Impact Pool, we are preserving long-term affordability in diverse, high-opportunity neighborhoods under tremendous redevelopment pressure. And we ensure that more middle-income earners—like first responders, hospitality workers, and teachers—are relieved of the rent burdens that make it hard to save money and build wealth for their future," said Kimberly Driggins, executive director of WHC.
The Loree Grand's 30 Inclusionary Zoning units that already exist will be preserved for an additional 99 years, and the remaining 182 units will be affordable units for low- to moderate-income families.
"To help ensure access to housing for low- to moderate-income individuals and families, we must work to preserve affordability for the long-term," said Catherine Buell, director of the Amazon Housing Equity Fund. "WHC’s purchase of the Loree Grand does just that, and we are grateful for the opportunity to support their work."