On the first day of spring, NHT-Enterprise closed on the acquisition of WDC1 Apartments, a 202-unit portfolio in SE Washington, D.C. NHT-Enterprise partnered with IBF Development and the Positive Change Tenants Association on the acquisition and plans an initial renovation. Eagle Point has been selected as the property manager and we have renamed the property Villages of East River.
In March, NHT-Enterprise facilitated the closing of Sarah's Circle Apartments in Washington, D.C. Sarah's Circle is a 34-unit, 4-story building located in the Adams Morgan neighborhood serving extremely low-income seniors aged 55 and above. When D.C. Department of Housing and Community Development (DC DHCD) awarded Sarah's Circle a 2016 9% Tax Credit Allocation, the current nonprofit owner partnered with NHT-Enterprise to provide development guidance and serve as the guarantor. The property will be fully renovated and 15 new units will be added to increase the property size to 49 units. The $7 million renovation will be completed in May 2018.
For more information on our award-winning properties, please contact NHT-Enterprise Vice President, Scott Kline.