Partnership Acquires Park Shirlington Apartments In Arlington

1/11/18

Standard Communities, the affordable housing division of Standard Property Co., has acquired the 294-unit Park Shirlington apartment community in Arlington for $66.7 million in partnership with the National Foundation for Affordable Housing Solutions (NFAHS).

Standard, a real estate investment and management firm focused on multifamily assets nationwide that has six offices across the country, said the transaction preserves Park Shirlington as a well-located, naturally affordable housing property in the immediate term, while the new ownership explores potential long-term preservation options. Naturally occurring typically refers to apartments that aren't encumbered by reduced rental restrictions, such as section 8 housing, but the location, age and proximity to amenities make these properties attractive as workforce housing.

The 16-acre property is adjacent to the Village at Shirlington, a dining and entertainment destination located just outside of Washington, D.C. Standard said in a news release that the community provides housing options in an amenity-rich neighborhood that would otherwise be out of reach for many of the lower-income families that currently call Park Shirlington home.

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