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2024 Development that Best Preserves Existing Affordable Housing

Development: 800 Southern Avenue Apartments

Developer: Vesta Corporation

Location: Washinton, D.C.

2024 JTC Awards - DOD - 800 Southern Avenue ApartmentsThe award for development that best preserves existing affordable housing goes to Vesta Corporation for the 800 Southern Avenue Apartments in Washington, D.C. The former Park Southern Apartments were built in 1965 and had fallen into disrepair under prior  ownership. Vesta and the Park Southern Residents Council combined to help push through the acquisition and the rehabilitation of the apartment building. Vesta updated the apartment units, common spaces, heating and cooling systems, outdoor areas, security systems and the building’s façade, all during the COVID-19 pandemic. Residents were temporarily relocated to on-site apartments before returning to their updated homes. Funding for the property included a $25 million low-income housing tax credit equity investment by PNC Bank.

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