Jefferson Apartment Group opens 270-unit affordable housing development
Jefferson Apartment Group, SCG Development, and the Fairfax County Redevelopment and Housing Authority (FCRHA) celebrated the opening of the Residences at Government Center, Fairfax’s newest affordable housing development on June 5th.
Situated on just over eight wooded acres facing Monument Drive, the Residences at Government Center offers 270 affordable rental units for Fairfax County’s workforce. It is a unique public-private partnership between Fairfax County, SCG Development, and Jefferson Apartment Group. By leveraging county land, the community was built at no cost to the local taxpayer. It is the first in Virginia to employ a hybrid financial structure utilizing both nine percent and four percent Low-Income Housing Tax Credits to fund its development.
The four-story apartment community features garage parking, fitness center and outdoor pool, conference room, outdoor courtyards, play area, and a community room. Green features include low volatile organic compound (VOC) paints, Energy Star appliances, and high-efficiency water heaters.
Speakers and guests attending the grand opening included Congressman Gerald E. Connolly, the Fairfax County Board of Supervisors, the Fairfax County Redevelopment and Housing Authority (FCRHA), SCG Development, Jefferson Apartment Group, as well as a host of other community leaders and guests.
The community is adjacent to the Fairfax County Government Center and is across the street from numerous retail and restaurants, including Fairfax Corner Shopping Center.
The Residences at Government Center maintains JAG’s philosophy of tailoring unique amenities to each of its properties. The joint venture will include over 5,800 SF of community-focused space. Residents will have access to multiple outdoor areas including two courtyards, grill stations, a swimming pool with lounge seating, a fenced playground and walking trails. Indoor amenities include a community room, exercise area and business center.
“We are exceptionally pleased to open on our first dedicated workforce housing development,” stated Greg Lamb, Executive Vice President and COO at Jefferson Apartment Group. “The Residences at Government Center brings a top-tier product to industrious families and individuals in the Capital region.”
The Residences at Government Center serves households earning between 50 and 60 percent of the area median income (AMI) for the Washington DC Metropolitan Area – as set by the U.S. Department of Housing and Urban Development. Rents range from just above the mid-$800s for an efficiency to just under $1500 for a three-bedroom unit.
“The Residences at Government Center represent best-in-class tax credit development,” stated Steve Wilson, President and Principal at Stratford Capital Group’s Virginia office. “We are confident the property will be met with great enthusiasm by the market and community.”
About Jefferson Apartment Group
Jefferson Apartment Group is a full-service real estate firm specializing in multifamily and mixed-use real estate investments through acquisition, development, construction, and property management services. JAG focuses on urban, transit-oriented assets located in high barrier-to-entry markets on the East Coast. The firm is committed to creating and managing communities that are high quality, innovative and environmentally responsible. More information is available at www.jeffersonapartmentgroup.com.
About Stratford Capital Group
Stratford Capital is a privately owned national real estate investment and development firm, with a particular focus on affordable rental housing, with offices in Boston, Massachusetts and Vienna, Virginia. The principals of Stratford Capital have over 100 years of combined experience in all aspects of Low-Income Housing Tax Credit investment and development. Stratford Capital’s current multifamily rental housing portfolio consists of over 20,000 apartment units located in thirty-two states and the District of Columbia.
