Community Solutions bought the Villager Apartments in Arlington as its third asset to provide housing for homeless veterans.
Pango Villager Apartments LLC of Jacksonville sold the Villager Apartments at 2951 Justina Road on March 10 for $3.4 million.
BDP Impact Real Estate of Haverford, Pennsylvania, bought the apartments through 2951 Justina LLC.
BDP Impact Real Estate is the real estate arm of Community Solutions. It handles property acquisitions, investors and property management, according to an email from Lauren Barnes-Carrejo, Community Solutions media strategist.
Luke McCann and Andrew Tyrrell of NAI Hallmark brokered the sale.
New York City-based Community Solutions is a nonprofit that works to find homes for veterans.
Since April 2022 it has acquired 175 units in the Arlington area at Caroline Village, French Courtyard and Villager Apartments.
The purchases were made possible in part through a $10 million investment from Northern Trust of Chicago.
As of March 8, there were 186 veterans on the Jacksonville list of those needing homes, according to a Community Solutions news release.
Of those, 92 have a housing resource such as a housing voucher or subsidy but cannot find a qualifying apartment.
Of the 40 units at Villager Apartments, 20 will be eligible for Community Solutions use. The other half will be rented at market rate.
“Recent renovations with the addition of full-size washers and dryers offers a comparative advantage to competing inventory and uncaptured rental upside in this submarket,” McCann, vice president at NAI Hallmark, said in a news release.
The apartments were built in 1971. They comprise one-bedroom units that average 640 square feet. The per-unit sale price was $85,000.
Monthly rents are $795. Only 12-month leases were offered, according to Apartments.com.
The apartments are in walking distance of Jacksonville University.
The Villager Apartments were previously sold by Villager Investment properties LLC of Jacksonville in September 2021 for $2.225 million.