CIH Ventures, Inc., a full service, local real estate development firm, recently closed on the acquisition of Bennington Station Apartments, a multifamily rental community located in Washington DC’s Ward 7.
The $5.2 million deal was financed with a $3.2 million loan from Eagle Bank and funded with private equity. The acquisition further increased the size of CIH’s multifamily investment portfolio and serves as an example of the corporate vision. “Our goal is to provide quality rental homes ‘without compromise’ that are affordable to the low and moderate income residents of Washington DC, to offer a source of stability for communities and a sense of pride for residents,” said Kevin O’Malley, President.
Importantly, the deal illustrates how quality affordable housing can be provided to the community without the use of subsidy dollars. “Subsidies are an important part of the Affordable Housing solution, but there is only so much subsidy to go around. The private market must be engaged for the affordable housing crisis in our city to be fully resolved,” O’Malley said.
CIH plans to address deferred maintenance and make capital repairs to the property. “We established our improvement program after consultation with the residents, a group whom we consider partners in this endeavor,” said Zachary Huke, Vice President and Treasurer at the firm. “After completing a modest value-add strategy we believe Bennington Station will become another jewel in the CIH portfolio, providing quality housing to residents and attractive risk-adjusted returns to investors.”
About CIH Ventures, Inc.:
CIH Ventures, Inc. is a real estate development company with over forty years of experience in Washington DC-area residential development. Along with a for-sale development business, CIH Ventures, Inc. and its affiliates own and manage a multi-thousand, long-term investment portfolio of apartment units with a focus on the low and moderate income neighborhoods of Washington. As a member of the community our goal is to provide long-term stability with housing product and services that are offered “without compromise.” We are able to execute this strategy by way of a deep expertise in the business, long term participation in the community, hard work and the capacity to property manage and asset manage ourselves.