Overview

Location

Bethesda, MD

Property Type

Existing mixed-income development

Units

401

Bradley Crossing consists of seven mid-rise buildings, built in 1953, located at 4701, 4705, and 4709 Bradley Boulevard; 6900, 6904 and 6908 Strathmore Street; 4800, 4804 and 4808 Wellington Drive; 4740 Bradley Boulevard; 4757 Chevy Chase Drive; 4730 Bradley Boulevard, and; 4750 Chevy Chase Drive, Chevy Chase. Those seven buildings contain a total of 401 apartment homes.

This acquisition presented a unique opportunity for HOC to preserve currently naturally affordable residential units as well as significantly increase the number of affordable units in the area with a very high redevelopment future rent increase potential. Upon acquisition, all unit rents were at or below 80% of the Washington, DC-MD-VA Metropolitan Statistical Area Median Income (AMI) levels. HOC successfully implemented two levels of affordability across the properties: 30% of the units (121 units) were restricted to households earning 80% or less of the area AMI. Additionally, 20% of the units (81 units) were restricted to households earning 50% or less of the area AMI, Implementation of the restrictions was phased in over the first 2-3 years following acquisition and did not displace any existing residents.

Contact Details

Address

Bethesda, MD

Property Manager

Not Mentioned

Contact Number

Not Mentioned

Fax Number

Not Mentioned

Email Address

Not Mentioned

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