Alexandria, VA – This week, leading nonprofit affordable housing developer Wesley Housing closed on The Arden, a 126-unit multifamily development to be located a block from the Huntington Metro station. The $59 million dollar project will provide quality homes for working families in Fairfax County. The project is being financed by 12 different sources.
The project is one of the first year recipients of the Virginia Housing Development Authority‘s Amazon-related REACH Virginia funds for the production and preservation of affordable housing to support the economic development opportunity Amazon HQ2 brings to Northern Virginia. Construction will begin this month and complete by June 2022.
“We are thrilled to enter the next phase of The Arden project,” Wesley Housing President/CEO Shelley Murphy said. “The Arden provides critical affordable housing within walking distance of the metro, and I’m looking forward to the positive changes it will bring to our community.”
Located at 2317 Huntington Avenue, The Arden will be a seven-story building at the intersection of Huntington Avenue and Biscayne Drive. The building is designed to ensure the long-term sustainability of the property at standards comparable to other properties in the market area. It will remain committed to affordability for 30 years.
Once near completion, Wesley Housing will begin to accept rental applications from the public and referrals from individuals coming from the Fairfax County Redevelopment and Housing Authority waiting list.
In addition to affordable housing, In addition, the building’s ground floor will host 7,500 sq. ft. of
office space, which will allow Wesley Housing to relocate its main office to the property.