Feature Debt

CDT: A National Resource

INVESTMENTS

Arbor Grove Apartments & Townhomes
Stafford, Virginia

Investment Description

Arbor Grove Apartments and Townhomes is a 214-unit residential community built in two phases completed in 1994 and 1998. The property features one-, two-, and three-bedroom units, most of which are restricted to families earning less than 50% of area median income.

Transaction Highlights

CDT acquired Arbor Grove Apartments in 2010 in partnership with Insight Property Group, a Virginia-based developer whose principals have a long history in the affordable housing industry. The property was purchased with a new Fannie Mae first mortgage from Wells Fargo, secured by the first phase and through assumption of a Virginia Housing Development Authority (VHDA) mortgage on the second phase. As part of this acquisition, CDT and Insight made improvements to the common areas including a new playground and renovation of the community building. In 2013, CDT paid off the VHDA debt with a new Wells Fargo first mortgage on the second phase and also obtained a supplemental mortgage on the first phase. A portion of the refinance proceeds was used to replace the roofs and make other capital improvements.