Although apartment deliveries are slowing down, new projects are still coming online.
At the end of October, Washington, D.C.-area developers Green Street Housing and Good Housing opened an attainable development in Virginia, while Pennrose and The Cloud Co. welcomed the first phase of a mixed-use, transit-oriented development in Connecticut. Florida-based Hillpointe, which specializes in attainable multifamily housing, opened its third housing development in Georgia this year.
Here is more detail about the three projects that opened last week.
Atlantic Boulevard Apartments in Sterling, Virginia
Green Street Housing and Good Housing celebrated the opening of Atlantic Boulevard Apartments on Wednesday, which brings 80 units of attainable housing to Sterling, Virginia, according to an Oct. 28 press release. The one-, two- and three-bedroom apartments are designated for those earning up to 60% of Area Median Income.
The $31.4 million project does not include any market-rate units or retail and was not mandated by inclusionary zoning, “making it the first 100% attainable new development in Loudoun County in decades,” per the release.
Atlantic Boulevard was re-zoned, permitted and built in less than three years through the Loudoun County Board of Supervisors’ expedited review process, per the release. The county’s Fast-Track Commercial Incentive Program targets commercial developments, but the board decided to pilot the Atlantic Boulevard project because of its “unique commitment to attainable housing.”
The project was funded through Low Income Housing Tax Credits and Tax-Exempt Bonds from Virginia Housing, an equity investment by Cinnaire and a loan from the county’s Attainable Housing Loan Program. Its amenities include covered bicycle storage, a community room, an exercise room, a tot lot and an outdoor play area alongside resident services programming.
Platform at Naugatuck in Naugatuck, Connecticut
Pennrose, The Cloud Co. and the Borough of Naugatuck hosted a ribbon-cutting for Platform at Naugatuck on Tuesday, according to a press release shared with Multifamily Dive.
The new housing represents the first phase of a three-phase project that will ultimately transform a vacant 7-acre site into a mixed-income, mixed-use, transit-oriented community with 180 new apartments across three buildings. The design calls for public green space with a market plaza, a central lawn and gardens “to foster community gathering and shared local experiences,” per the release.
The new building brings 60 brand-new apartments and roughly 3,000 square feet of ground-floor commercial space to downtown Naugatuck. It has one- and two-bedroom units for residents earning 30%, 50% and 80% of the AMI as well as market-rate options. Indoor and outdoor amenity spaces include a lounge, a fitness center and a roof deck.
The project was financed through LIHTC with construction loans from M&T Bank and Ion Bank, and a permanent loan from the state’s Housing Finance Agency. Connecticut supplied additional funding from various state programs, and the Federal Home Loan Bank of Boston and the Federal Home Loan Bank of New York also provided support.
Pointe Grand Cassville in White, Georgia
Hillpointe celebrated the opening of Pointe Grand Cassville, a garden-style workforce housing development with 312 units in the Atlanta metro area, according to an Oct. 26 press release shared with Multifamily Dive. It marks Hillpointe’s third attainable development to open in Georgia this year as the firm focuses on building workforce housing in growing markets in the Southeast and beyond.
“Northwest Georgia is growing, and attainable housing must keep pace,” Steven Campisi, managing partner and co-founder of Hillpointe, said in the release. “Pointe Grand Cassville adds newly built homes to Atlanta’s suburban and exurban markets, where growth is driving demand.
Pointe Grand Cassville offers two-bedroom, two-bathroom apartments with full-size washers and dryers, smart home technology and a covered deck or patio. The open-concept units also feature quartz countertops and stainless steel appliances.
Building amenities include a resort-style swimming pool with private cabanas, pickleball courts, a 24-hour fitness center, a clubhouse with a coffee and tea bar, a business center, an outdoor grilling pavilion, a fire pit, a bark park and pet spa, valet trash service, Wi-Fi and EV charging stations.
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