|Done deal: work ready to begin at Washington Terrace|
|Published Thursday, September 14, 2017|
RALEIGH – The deal has closed and work is set to begin at Raleigh’s Washington Terrace complex.
Affordable housing developer DHIC, Inc., closed on $31.8 million in financing for the first phase of the 162-unit Village at Washington Terrace that includes a child care center. The community will house one-, two- and three-bedroom garden apartments; two-bedroom townhouses; and a community center with a management office, fellowship space, kitchen fitness center and laundry – all for lower income families and individuals.
Methodist Home for Children will operate the child care center fit to accommodate 75 children.
“The redevelopment of Washington Terrace is by far the most ambitious community development project DHIC has undertaken in its 42-year history,” President Gregg Warren said. “Everyone knows that housing prices near downtown neighborhoods are escalating rapidly. With an average rent of $785 at Washington Terrace, we are putting a permanent stake in the ground for affordable housing in this neighborhood.”
The second phase, Booker Park North, is a 72-unit senior affordable apartment community. The $10.6 million price tag is expected to close later this year.
The final phase of the project will include additional rental apartments and 200 homes for sale. Demolition begins later this month, and a community-invited groundbreaking is in late October.
Send this page to a friend