Enterprise Community Development, Inc. has recently purchased Coralain Gardens, a family apartment community located at 7435 Arlington Boulevard in Falls Church, VA. The acquisition price was $21.7 million for the complex built in 1964 and consisting of 106 units designated for residents with an income at or below 60% of the area median income (AMI).
This purchase was made possible through Fairfax County’s Right of First Refusal program and is part of Enterprise Community Development’s commitment to preserving affordable housing options in the community. According to Christine Madigan, interim president of Enterprise Community Development, this acquisition presents a valuable opportunity to positively impact Fairfax County.
Funding for this transaction came from a partnership between Low Income Investment Fund (LIIF), Capital Impact Partners (CIP), and loans from Fairfax County. In addition to securing affordability until 2087 through planned rehabilitation supported by Low-Income Housing Tax Credits (LIHTCs) allocated under the federal government’s Section-42 program.
The article “Enterprise Buys Fairfax Apartment Community for $22M” originally appeared on Connect CRE.
