Developers Expand DC Reach with Significant TOPA (Tenant Opportunity to Purchase) Acquisition
WASHINGTON, Dec. 7, 2023 /PRNewswire-PRWeb/ -- Embolden Real Estate, LLC (Embolden), a minority- and woman-owned development firm, and The NHP Foundation (NHPF), a national not-for-profit dedicated to preserving and creating sustainable, service-enriched multifamily housing, have acquired The Amelia and Paul, a six-story property with 23 apartments located in the Kalorama neighborhood and the Near Northwest Washington, D.C. Planning Area, one of the District's priority areas for affordable housing development and preservation.
As part of its mission, the property, now known as The Bobbi, will employ certified business entities (CBEs), socially disadvantaged, minority-owned, and small businesses.
The property was purchased for $9.05 million. The acquisition was made possible by an Acquisition and Predevelopment loan from Capital Impact Partners, Developer's Equity, and an Amazon Housing Equity Accelerator Fellowship (HEAF) grant. Under the DC Tenant Opportunity to Purchase Act (TOPA), The Tenant-Driven Tenant Association of 2151 California St NW (the Tenants Association) exercised its right and selected Embolden to assign its TOPA rights. Embolden then partnered with NHPF to acquire the building and plans to renovate the primarily two-bedroom unit property.
"The opportunity to partner with the experienced team at NHPF to convert 23 at-risk, rent-controlled units into 100% affordable, mixed-income homes, thereby ensuring long term affordability in this desirable neighborhood, fits in perfectly with Embolden's mission," said company Founder and Principal, Ronette "Ronnie" Slamin.
"NHPF is delighted that Ronnie chose to work with us to jointly redevelop The Bobbi while preserving its historic nature," said Michael Simon, of NHPF, the organization's ninth TOPA acquisition in the DC. The development team is applying for DHCD funding and LIHTC credits in order to allow for a substantial rehab and to create a community with onsite services and amenities that include a library, and fitness center and energy and accessibility upgrades.
The Tenants Association provided a statement saying, "We as the tenants of The Bobbi are so excited to have found Embolden and we overwhelmingly voted to assign our TOPA rights to them. Their open and considerate approach is refreshing and we are looking forward to the positive changes we are going to see in our home. We have tenants who have resided in this building since the 70's, so finding a development firm that was able to value and respect our connection to the building, but also have a dedicated plan for its future has been a great experience and we look forward to the future of working together." The property hasn't been significantly renovated since its construction in 1920.
"We're proud to support Ronette Slamin and Embolden Real Estate on their plan to retain affordable and mixed-income housing in the Kalorama neighborhood," said Melissa Stallings, Director of DMV Initiatives at Capital Impact Partners, part of the Momentus Capital branded family of organizations. "Ronnie is a graduate of two of our training and mentorship programs — the Equitable Development Initiative and the Housing Equity Accelerator Fellowship — dedicated to helping diverse developers advance their careers while also increasing the amount of affordable housing in the D.C. area. She is achieving both of these goals through her acquisition and development of The Bobbi."
"Projects like The Bobbi are a great example of what Amazon's Housing Equity Fund Accelerator program is seeking to accomplish," said Senthil Sankaran, Managing Principal, Amazon Housing Equity Fund. "In addition to committing more than $2 billion to preserve and create more affordable housing, we're investing in diverse developers like Ronnie to help create greater equity across the affordable housing industry."
Renovations are expected to be completed as early as Q4, 2025 and will result in a family-friendly, amenity- and service-enriched building that meets Enterprise Green Community Plus standards.
About Embolden Real Estate
Embolden Real Estate (Embolden) is a minority- and woman-owned firm development and consulting firm located in Washington, D.C. Embolden focuses on leveraging the power of real estate development to create opportunities for economic development through mixed-income and mixed-use housing. The cornerstone of Embolden's approach is an early and sincere engagement of the community to bring about transformative projects. Ronette "Ronnie" Slamin is the founder. Leveraging more than nine years of real estate experience, she has deep knowledge of mixed-income housing transformative development. Ronnie holds a Bachelor of Science in Business Administration from Boston College and dual master's degree from the Massachusetts Institute of Technology in Real Estate Development and City Planning. She is an Amazon Housing Equity Accelerator Fellow and Capital Impact Partners' Equitable Development Initiative fellow. For more information, please visit http://www.embolden-re.com.
About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, Baltimore and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF's Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and cost management. Through Family-Centered Coaching, NHPF's subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has over 10,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.
SOURCE NHP Foundation