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Golden Rule Apartments
Washington D.C.

Description

  • 183 units of affordable family housing
  • Spacious 1, 2 and 3-bedroom units with private balconies
  • Preservation of affordable housing
  • Total rehabilitation of 10-story high-rise
  • On-site playground and community room
  • Section 8 subsidies for all units

Owner
GRA Properties Limited Partnership

Developer
MissionFirst Development
The Henson Development Company, Inc.
Golden Rule Apartments, Inc.

Architect
Envision Design

General Contractor
Hamel Builders, Inc.

Management
Columbus Property Management & Development, Inc.

Funding Partners

  • US Department of Housing and Urban Development
  • District of Columbia Department of Housing and Community Development
  • District of Columbia Housing Finance Agency
  • Deutsche Bank Berkshire Mortgage
  • RBC Capital Markets

The Challenge
This 183-unit multifamily affordable housing complex was built in the early 1970’s as an initiative of Bible Way Church to meet the community’s need for affordable housing. Thirty years later, the building had a rising vacancy rate and was in need of major renovations.

The Solution
In 2006, Golden Rule Apartments, Inc. (a development affiliate of Bible Way Church) partnered with MissionFirst Development and The Henson Development Company to undertake a total renovation of the building. Without displacing a single resident, the building was totally updated with new kitchens, baths, windows, doors and life and safety equipment.

MissionFirst served as the development manager overseeing all aspects of project, including identifying and securing financing, securing the equity investor, selecting and overseeing the development team, overseeing project through stabilization, and monitoring the asset during operation. Construction was completed in February 2008.

Leasing Information
Golden Rule Apartments Management Office
(202) 842-1580

 
2042-48 Arch Street, 2nd Floor       Philadelphia, PA 19103       Ph: 215.557.8484       TTY: 215-496-0321       Email: ContactUs@columbuspm.org  
Copyright 2010. Columbus Property Management, Inc. All rights reserved.