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Marbella Apartments Redevelopment Update 09/22/23

APAH Begins Redevelopment of Marbella Apartments in Arlington

Yesterday, Arlington Partnership for Affordable Housing (APAH) celebrated the redevelopment of Marbella Apartments’ Site A. Together with project partners, the former 31-unit, garden-style apartment community will be replaced by a 234-unit property on the approximately 1-acre site. This project demonstrates APAH’s deep commitment to the Arlington community and vision to increase the stock of affordable homes while reinvesting in our properties.

The redeveloped Marbella Apartments will feature 84 one-bedroom units, 100 two-bedroom units, and 50 three-bedroom units for residents earning between 30-60% of the area median income (AMI). Located along the Art 61 route to Courthouse and Rosslyn and a short walk to Courthouse Metrorail station, residents will enjoy nearby transit, employment opportunities, and retail amenities. The new community will include free Wi-Fi connectivity, an onsite tot lot, community spaces, a penthouse amenity space, and an outdoor courtyard. “APAH is proud to implement sustainable energy solutions into the development, when possible,” says Mike Chiappa, Senior Vice President of Real Estate at APAH. “Marbella will be our second project to include solar panels and our first in Arlington. Green energy savings will help future residents lower their utility bills.” In addition, APAH will seek EarthCraft Gold and Energy Star certifications to recognize Marbella’s reduced greenhouse gas emissions and lower energy consumption.

“APAH is committed to adding more quality affordable homes in Arlington and throughout the region,” said Carmen Romero, APAH President & CEO. “This neighborhood is facing rapidly rising costs which disproportionally burdens lower-income households. Marbella Apartments’ redevelopment is an opportunity to serve even more residents and offer some relief.”

marbella ground breaking

Partners & Financing

Marbella Apartments’ redevelopment is an approximately $136 million project, with construction costs close to $80 million. Virginia Housing awarded the project 9% and 4% tax credits, marking APAH’s seventh project to employ this complex financing model. Virginia Housing Development Authority provided a total of $32.5 million in permanent loan financing, and Arlington County’s Affordable Housing Investment Fund (AHIF) provided $21.8 million in financing. The tax credit equity was purchased by Capital One, whom APAH has worked with on three other deals. “Capital One is pleased to support APAH in redeveloping Marbella through a construction loan and LIHTC equity investment that uses both the 9% and 4% tax credit programs,” said Ed Delany, Senior Capital Officer for the Mid-Atlantic at Capital One Community Finance. “Today’s milestone is a key step in preserving existing affordable units and increasing the available affordable housing stock in a high-cost market. Through our work with organizations like APAH, we are helping to create more equitable housing opportunities by leaning into our financing expertise, community investments, and partnerships.” Hudson Housing Capital is partnering with Capital One as the project’s equity investor and tax credit syndicator. Construction partners include general contractor Donohoe, construction management KCM, civil engineer Walter Phillips, and architecture firm KGD.

Community Impact

The new Marbella Apartments community will transform 31 garden-style apartments into 234 affordable homes, providing a foundation for individuals and families to thrive. APAH’s CORES-certified resident services program provides onsite support and resident-centered programming to help all residents make the most of their homes. Most of the building will feature principles of Universal Design, making the community accessible to people regardless of age or physical ability. Sustainable energy features, accessibility, and strong community partnerships ensure that this community will be affordable well into the future.

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