Meadow Green Courts, a 435-unit affordable apartment complex that has faced financial distress and failed to sell at a foreclosure auction this year, has found a new owner.
The property, directly across the Anacostia River from the RFK Stadium site, sold to a partnership of four firms that plans to rehabilitate the apartments and maintain their affordability, the firms announced.
The 51-building Meadow Green Courts complex in the Fort Dupont Park neighborhood
The partnership, consisting of Lincoln-Westmoreland Housing, KeyUrban, EquityPlus and RRP Capital Partners, took over the 51-building complex at the intersection of Minnesota Avenue Southeast and East Capitol Street. It acquired the property by assuming the $26M loan held by MainStreet Bank.
RRP Capital Partners is led by two former players for Washington’s NFL team: Darryl Pounds, 1990s-era cornerback, and Hall of Famer Darrell Green, who played for the team his entire 20-year career beginning in 1983 and won two Super Bowls.
Click here to read the rest of the article written by Emily Wishingrad over at Bisnow
