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In 2021, we formed a joint venture with Hoffman & Associates with a $25m commitment to build The Westerly (formerly Waterfront Station II), a 449-unit mixed-use apartment project that is designed to achieve LEED Gold certification. The project topped out in October 2022.
Located in Washington, D.C., adjacent to the Waterfront Station Metro with a walk score of 97, Waterfront Station II will include 28,642 square feet of retail and cultural use space, including AppleTree Charter School, Good Company Doughnut Café, a family-owned and operated neighborhood restaurant, and a black box theater space.
The project includes 136 non-market housing units affordable to residents earning 30%-50% below area median family income. The non-market housing units were financed in two separate and concurrent transactions using Low Income Housing Tax Credit programs, with ownership by AHC, Inc., a leading affordable housing provider in the D.C. region.
The 12-story property will be highly amenitized, offering more than 6,500 square feet of outdoor space including a second floor courtyard and rooftop terrace along with numerous private balconies and terraces that create the façade’s signature look. The building will also include over 11,000 square feet of indoor amenity spaces in 13 unique areas across four floors. The penthouse level will have spectacular views of the Washington Monument, US Capitol Building, and both the Potomac and Anacostia Rivers.
The project was awarded a Gold Influence Award for Best Financing by Commercial Property Executive. Read more here.