Ares Management Corp. and MRP Realty, as part of a joint venture between Ares Management Real Estate funds, MRP Realty, CSG Urban Partners and Taylor Adams Associates, have announced the land closing and Phase 1 construction financing of a mixed-income residential development on the site of the current home of the District of Columbia Housing Authority (DCHA).
The project is located at 1133 N. Capitol St. NE in the NoMa neighborhood of Washington, D.C. Construction is slated to begin immediately, with Phase 1 delivery anticipated in 2024. Phase 1 will comprise 430 multifamily units, including 86 affordable units.
The underutilized site, located two blocks west of the NoMa Metro station, currently houses the DCHA in a building at the end of its useful life. The 0.8-acre plot has been a highly anticipated building opportunity as a place to create new affordable housing. The closing will give DCHA funding to not only address their portfolio-wide capital needs but a
