The 10-story, 212-unit Loree Grand apartment building in Northeast D.C. will become 100 percent affordable housing.
A nonprofit has acquired a luxury apartment building in Northeast D.C. and plans to convert all of its units into affordable housing, financing the purchase in part with a loan from an Amazon housing fund.The Washington Housing Conservancy purchased the 10-story, 212-unit Loree Grand apartment community for $71.5 million, with loans from Amazon’s Housing Equity Fund, EagleBank and the Washington Housing Initiative Impact Pool, an investment vehicle managed by developer JBG Smith.
The building, located at 250 K St. NE in NoMa, consists of studio, one- and two-bedroom units, almost all of which are market-rate apartments. According to its website, a new tenant can pay from $1,700 to $3,500 a month for aWHC said the purchase enables it to stabilize rents for moderate-income workers and their families. The nonprofit will preserve for 99 years the Loree Grand’s existing 30 affordable units created under the city’s Inclusionary Zoning program.
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