Faircliff West

Faircliff West was purchased in June 2017. The 112-unit HUD project-based Section 8 property is located in Washington, D.C. within a quarter of a mile of mass transit. Faircliff West is located across the street from Faircliff East. The property is set on 2.48 acres of land and features a playground, community building with a computer room, a laundry room, courtyard and 56 parking spaces.

The interest in Faircliff West was acquired off-market in a complex, multi-party transaction through separate purchase and sale agreements with the LIHTC limited partner and selling member of the general partner. The transaction was completed for a total equity investment of approximately $9M, representing an 80% economic interest in the property.

The Fund plans to benefit from steady cash flow from this property and mark-up-to-market opportunities. The Fund plans to refinance the property in 2022 upon expiration of its prepayment lock-out period.

The Fund will implement green and healthy operational improvements and undertake all capital measures with a five-year payback or less. Faircliff West shares a resident service coordinator with Faircliff East, who plans various programming such as employment application assistance, holiday parties and local farm harvesting.