Washington Housing Conservancy acquires 212-unit luxury apartment building in northeast D.C.

The nonprofit Washington Housing Conservancy has acquired the Loree Grand, a 212-unit luxury apartment building, the group announced Tuesday.

The purchase is the second such acquisition the WHC has made in the District proper. The group’s aim is to make and keep units in the Loree Grand, near the NoMa and Union Market neighborhoods in northeast D.C., affordable for low- and middle-income families and individuals. 

The Loree Grand has 30 affordable housing units as part of the city’s Inclusionary Zoning program, which will be preserved for 99 years by the WHC. The group is then creating 129 additional units for residents earning 80% of the area’s median income or less, with the remaining 53 units being rented at market rate.

Market rate rents at the Loree Grand, depending on the type of unit, run from $1,700 monthly to $3,500 monthly, according to the Washington Business Journal.

The WHC has five rental properties in the D.C. metropolitan area, encompassing over 1,600 units in D.C. and the Maryland and Virginia suburbs. These properties are the Crystal House in Arlington County, Virginia, Hamilton Manor and Earle Manor in Maryland and Huntwood Courts in the District’s Deanwood neighborhood.

“The acquisition of the Loree Grand and our promise of affordable rents serve both current and future residents and our mission to promote housing stability. … We are preserving long-term affordability in diverse, high opportunity neighborhoods under tremendous redevelopment pressure,” WHC Executive Director Kimberly Driggins said in a release from the group.

The group’s goal is to have 3,000 affordable housing units under management in the D.C. area.