3Tree Flats fills two needs in Washington, D.C.
The new six-story development offers 130 units of housing and a home for Mary’s Center for Maternal and Child Care, which will provide valuable health care to the neighborhood.
The transit-oriented project is located just two blocks from the Georgia Avenue-Petworth Metrorail station in the Petworth neighborhood.
Affordable Housing Developers, Inc., JAIR LYNCH Development Partners, and Stratford Capital Group celebrated the opening of 3Tree Flats on April 13.
To make the $42 million project a reality, they assembled 10 sources of capital, including low-income housing tax credits and tax-exempt bonds.
Financing partners included the Department of Housing and Urban Development through the Federal Housing Administration’s Sec. 221(d)(4) mortgage insurance program. The District of Columbia Housing Finance Agency provided funds through a McKinney Act loan and tax-exempt private-activity bonds. The D.C. Department of Housing and Community Development provided a loan through the Housing Production Trust Fund.
Stratford Capital syndicated the housing tax credits to M&T Bank and Sherwin Williams.
The D.C. Office of the Deputy Mayor for Planning and Economic Development also provided capital, and the D.C. Primary Care Associated provided funding for the 28,000-square-foot health clinic on the ground floor.
3Tree Flats includes a mix of studio and one-, two-, and three-bedroom apartments. Eleven units are market-rate. Amenities include a fitness facility, a green roof terrace, and a community room. The rooftop provides a panoramic view of Washington.
The development is inspired by two artworks. A metal sculpture of three trees in the building’s interior courtyard was created by local artist Robert Cole and is visible from each floor.
A second work was commissioned through a neighborhood input process led by the Cultural Development Corp. with a grant from the D.C. Commission on the Arts and Humanities. Petworth resident Nekisha Durrett was selected to create public art for the south façade.