Montgomery Housing Partnership pays $37m for affordable housing community

Joint venture partners, WCSmith and Aldon Torch, have closed on the disposition of a garden style apartment community in Washington, D.C. The buyer, Montgomery Housing Partnership, paid $37 million or just over $93,900 per apartment for the 394-unit affordable housing community. The asset reserves units for residents with incomes that do not top 60 percent of Area Median Income. The property is located close to important area employers such as Joint Base Anacostia-Bolling, MGM National Harbor, Andrews Air Force Base, U.S. Naval Research Laboratory, Children’s National Main Hospital and Suitland Federal Center.