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The Avanti Apartments sell to Black-led developer for $164M
Hundreds of workforce housing units in Prince George's County will remain affordable as part of a $164M deal to sell the property.
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Dantes Community Partners, in a joint venture with New York-based Jonathan Rose Cos., acquired the Avanti Apartments, a 930-unit property in District Heights, Maryland, the firm announced Monday.
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The new owners plan to maintain 372 of the apartments as income-restricted affordable housing through a long-term covenant recorded with the county. Of those 372 units, half will be reserved for those making up to 50% of the area median income, and the other half will be kept at 80% AMI.
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Dantes received a $40M commitment in May from Citi as part of the bank's initiative to invest in Black-led investment managers to preserve workforce and affordable housing.
CBRE brokered the sale, and Walker & Dunlop arranged financing for the project using Fannie Mae debt. Faria Management, an affiliate of Dantes, will manage the property.
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The Avanti Apartments at 6501 Hil-Mar Drive sit just off Pennsylvania Avenue, about 4 miles east of the D.C.-Maryland border. It consists of 26 garden-style apartment buildings with apartments ranging from one-to-three-bedroom units. Its amenities include two swimming pools, a clubhouse, fitness center...
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