Neighborhood Development Capital Management, an affiliate of The Neighborhood Development Company in Washington, D.C., has closed on the first round of its new real estate investment fund - Neighborhood Development Opportunity Partners I.

The $20 million fund will invest in mixed-use and multi-family residential projects in the Washington metropolitan region.

The fund will typically commit up to $2 million per transaction to acquire property that can either be renovated and repositioned or developed from the ground up to be multi-family or mixed use properties. The fund is focused on building value into projects and exiting within 3-5 years.

The principals expect to close on the fund’s first project in the next several months.

NDC’s team directly manages every aspect of the development process, from sourcing acquisitions and financing transactions to developing and constructing the projects. They recently completed the renovation of 16 units near H Street NE and are in the process of completing 11 units in Columbia Heights and 69 units on Georgia Avenue in Petworth.

"We believe the next several years will be a special time to invest in real estate in DC, particularly in transitioning areas,” said founder Adrian Washington in a statement.

The Neighborhood Development Company (NDC) focuses on the revitalization of emerging urban neighborhoods. The company has completed the development of over 450,000 square feet of real estate, with another 500,000 square feet in the development pipeline, and is a joint venture participant in other projects representing nearly $2 billion in investment.