The sale is the latest transaction in the previous owner’s ongoing dissolution.
The NHP Foundation has closed on the acquisition of Hadley Germantown, a 218-unit affordable housing community in Germantown, Md., a far suburb of Washington, D.C. The asset traded for about $53.7 million, according to SEC filings by seller Elme Communities.
The buyer financed the acquisition with tax-exempt 501(c)(3) bonds. KeyBanc Capital Markets served as bond underwriter, with the Wisconsin Public Finance Authority as issuer and U.S. Bank as trustee. Winn Residential will be the new property manager.
The community, formerly called Elme Germantown, has been rebranded by the new owner. Originally built in 1990 and last renovated in 2011, the asset will be subject to covenants put in place by NHPF that will restrict future rents to 60 percent of the Area Median Income for half of the community’s apartments and 80 percent AMI for an additional 25 percent of the units…