One of the region’s largest apartment communities has changed hands, with the new ownership saying it intends to preserve a significant portion of its nearly 1,000 units as affordable.
A joint venture of D.C.-based Dantes Community Partners and New York-based Jonathan Rose Cos. has acquired The Avanti Apartments at 6501 Hil-Mar Drive in District Heights. Laurel’s Dragone Realty Investments and GMF Capital sold the 930-unit property for $164 million, the new ownership group said in a statement.
The new ownership has also secured a new long-term affordability covenant with the county for rent restrictions on 372 units, or 40% of its total. Of those, 20% will be reserved for households earning up to 50% of the area median income, and another 20% for those earning up to 80% of AMI. Jonathan Rose and Dantes plan to invest in some capital improvements to reduce energy consumption and upgrade exteriors.