Royal Cambridge
Key Dates
Closing Date: 10/30/2018
Construction Completion Date: 10/2/2020
AHF 2021 Reader's Choice Award Finalist
NAHRO Award of Merit
New Construction
Formerly Legacy RAD
Formerly East/West Sycamore
Alexandria Housing Authority
DETAILS:
Total Development Cost:$53,928,790
Development Type:
RAD / 4% LIHTC / HOME Funds
Project Type:
Rehabilitation / New Construction
Construction Period Jobs: 817
Long-term Jobs Created/Maintained: 14
SOURCES:
Permanent First Mortgage: $24,431,000
Gross Tax Credit Equity: $15,447,795
LHC HOME/HTF Funds: $2,200,000
Seller Take Back Mortgage: $7,880,000
PHA Cash Loan: $500,000
Partnership Equity: $1,795,046
Other Sources: $1,674,949
Total Sources: $53,928,790*
*Sources, as of closing
PROJECT NARRATIVE:
The Alexandria Housing Authority has transitioned from public housing to affordable housing using HUD’s Rental Assistance Demonstration (RAD) program. Comprised of three distinct affordable housing sites (Woodland Pointe, Cambridge Place, Royal Ridge) and 384 units for families, this $50 million project was the result of a partnership between the Alexandria Housing Authority (AHA) and Knight Development. This project was financed in partnership with the Rapides Finance Authority.
In addition to fully modernized units with energy-efficient features, the rehabilitation added a new clubhouse with office space and private rooms for leasing, and community rooms for meetings and education. Lush landscaping, expansive green space, and enhanced playgrounds include a full-size soccer/football field, as well as a splash pad and rock climbing wall. The community is conveniently situated near the newly built coliseum and entertainment center, hospitals, and transportation hubs.
Amenities & Upgrades may include:
- Energy upgrade to HVAC
- Water conservation methods
- Bathroom/Kitchen renovations
- Doors, windows, new lighting
- Exterior/Interior paint
- Energy-efficient appliances
- Updated flooring
- New washers & dryers
PROJECT PARTNERS
Developer:
Knight Development
PHA Alexandria Housing Authority
Architect:
DNA Workshop
General Contractor:
B.A.S. Construction
Management Company:
Standard Enterprises
Financial Partners:
Citi Community Capital
CREA
Rapides Finance Authority
Wilmington Trust
UNIT COUNTS (384 Total) & RENTAL RATES*
Woodland Pointe - 96 Units
3 Bedroom | Units: 88
Contract Rent: $958.50
4 Bedroom. | Units: 8
Contract Rent: $1125.90
Cambridge Place - 64 Units
2 Bedroom | Units: 16
Contract Rent: $472
3 Bedroom. | Units: 48
Contract Rent: $626
Royal Ridge - 224 Units
2 Bedroom | Units: 48
Contract Rent: $720
3 Bedroom | Units: 108
Contract Rent: $958.50
4 Bedroom | Units: 68
Contract Rent: $1125.90
*Rents, as of closing
Royal Cambridge – Ribbon Cutting
Royal Cambridge – Back to School
Testimonials
