Acquisition of Development Site Property with Joint Venture Partner: The Sky House (formerly Waterside Metro Lofts)
A Mid-City led investor group provided all of the initial equity for the acquisition of two 1960’s era office buildings that were to be converted into 530 rental apartments atop the Waterfront Metrorail Station in Southwest Washington, DC. Working in concert with the developer and upon completion of the pre-development work and finalization of the business plan, Mid-City entered into a tri-party joint venture agreement whereby construction financing was obtained and construction commenced in early 2012. Construction is expected to be completed on both buildings in early 2014. The transit-oriented development property’s proximity to major employment, retail, recreation, and traffic nodes make it an attractive long-term investment in an emerging part of the District of Columbia.
Conventional Real Estate Acquisitions: Montgomery Trace Apartments, Silver Spring, Maryland
Mid-City acquired 192-unit garden property in September 2009 - going from signed purchase contract to settlement in thirty-five days. Exterior and site improvements commenced immediately upon acquisition. The unit interiors have been systematically upgraded since acquisition and the realized rents have fully met the expectations of investors. The property is located in a long-term in-fill location that will benefit from the improved accessibility that will come from the construction of the Intercounty Connector.
Public-Private Partnerships: Rock Creek Terrace, Rockville, Maryland
Mid-City preserved 526 units of affordable housing in Montgomery County, Maryland by partnering with Montgomery County and the Federal Government in a public-private partnership (under the Low Income Housing Preservation Act). The property is located in an in-fill part of the county and features a dedicated learning center for its residents along with a full set of amenities.
Substantial Rehabilitation with Tax Credit Equity, Tax-Exempt Bond and HOME Financing: Gateway Plaza, Cincinnati, Ohio
Mid-City, in partnership with Ohio Equity Fund for Housing LP XV, acted as developer, as well as structured the complex acquisition and financing, for a $10 million tax credit rehabilitation of a mixed use development in downtown Cincinnati. The project included an in-place renovation of two high-rise buildings containing 348 apartment units in addition to system modernizations.
Repositioning Activities: Washington Apartments, Washington, D.C.
Mid-City redeveloped and repositioned a 262-unit property in close proximity to the Washington Convention Center. The property was freed of all its regulatory restrictions, innovative Freddie Mac financing was placed on the property, and a $1 million renovation was completed allowing Mid-City to effectively transition this asset to conventional market rate housing.
Portfolio Acquisitions: SunTrust Portfolio, Virginia/North Carolina/South Carolina
Mid-City, in partnership with Stratford Capital Group and an institutional equity partner, acquired a fifteen property, 1,328-unit portfolio of tax credit properties in Virginia, North Carolina and South Carolina in May 2008.
In addition to buying portfolios of tax credit properties, Mid-City routinely evaluates the acquisition of general and limited partnership interests in both tax credit and conventional properties.