Arnold & Porter Advises DC-Based Nonprofit on Purchase of Apartment Complex to Preserve Affordable Housing
Arnold & Porter recently advised the Washington Housing Conservancy (WHC) on the purchase of the Loree Grand apartment community, a 212-unit complex located at 250 K Street, NE, Washington, DC, that will help preserve affordable housing for moderate- and low-income individuals and families. WHC is a nonprofit organization that works to prevent displacement and promote opportunity for moderate- and low-income Washington area residents.
In partnership with DC-area developer, JBG SMITH, and with financing partially provided by Amazon’s Housing Equity Fund, WHC closed on the $71.5 million acquisition of the Loree Grand on December 21, 2022. The acquisition will increase WHC’s portfolio of affordable housing properties to five and will enable WHC to continue to stabilize rents for low- and moderate-income workers and their families who would be at risk of displacement in a highly competitive DC housing market.
The Arnold & Porter pro bono team was led by Jon Boswell and Matt Kirsch. The real estate team also included Amy Rifkind, Michael Goodwin, Kelsey Guinn and John Thomas, Jr., Jason Hsu, David Huberman, and Lindsay Miller. Owen Dunn advised on litigation matters.