Arlington County:
“County Board members on Jan. 28 agreed in principle to move
forward with a complicated, three-way real estate deal involving affordable
housing in Ballston. If it goes through, the deal will result in the county
government taking title to the 513-unit Ballston Park Apartments, then turning
around and leasing the site to AHC Inc., a nonprofit housing developer, for 75
years.
The complex is bounded by North Glebe Road, 5th Street
North, North Oakland Street and 2nd Street North. The approval, which was
unanimous, came at the end of the board’s January meeting without prior public
notice. ‘We believe that through this transaction, the county can preserve
long-term affordability and acquire a historically valuable asset for less than
an estimated $70,000 per unit,’ county officials said in a statement to the Sun
Gazette.
The agreement, which could take another six months to
complete, would involve AHC exercising its existing authority to purchase the
property from Pershing Drive Associates Limited Partnership. An AHC affiliate
already is a partner in that venture. The title to the property would pass
directly to the county government, rather than AHC.”
~Writes Scott McCaffrey of the Sun Gazette
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