Fort Henry Gardens Apartments
Arlington, Virginia

After

Before

Project Description
In partnership with a local non-profit corporation, Landex Corporation acquired and renovated 82 townhouses in eleven (11) deteriorated, 60-year old buildings. For almost seven years, the Arlington County government and the local civic association tried unsuccessfully to acquire this development and arrange financing for renovations. The Landex Team was able to layer 8 sources of financing totaling $7.5 million. To meet the needs of today’s renters, the redevelopment included the conversion of 17 two-bedroom apartments into three bedroom, 2 bath townhouses by utilizing and combining unused, above grade, storage space and undersized one-bedroom units. The Property also received new kitchens, baths, plumbing, electrical, roofs, individually controlled HVAC. A new free standing community building with a laundry room and a management office was also constructed at the site and included a computer training center. The financing was structured so that the end of the low-income housing tax credit compliance period, the individual townhomes can be sold to the existing occupants as fee simple townhomes. At the time of sale, the units will be affordable to families at 35% of the area median income.

Project Cost
$7.5 Million

Financing
Tax Exempt Bonds issued by the Alexandria Redevelopment and Housing Authority: $3.2 Million
Virginia Housing Development Authority (VHPRF): $0.9 Million
Arlington County (HOME/CDBG): $1.8 Million
Arlington Housing Corporation: $0.15 Million
Federal Home Loan Bank of Atlanta: $0.123 Million
Equity: $1.327 Million
Low-Income Housing Tax Credits: $1.5 Million (4%)

Community and Supportive Services
Arlington Housing Corporation operates the Community and Supportive Services program.

Public/Private Partners

• Landex Corporation, Developer
• The Richman Group, Syndicator
• AHC, Inc. a 501c(3) community non-profit developer, Co Developer
• Nauck Civic Association, a 501c(3) community association
• George Mason University
• Arlington County Housing Office
• Commonwealth of Virginia

References
Jennie T. Davis (President) William Dearman, Executive Director
Nauck Civic and Community Pride Association Alexandria Redevelopment and Housing Authority
Phone: 703-979-1625

Award for Excellence
Federal Home Loan Bank of Atlanta (1998)