In January 2022, Wesley Housing acquired Parc Square Apartments, a six building, 66-unit property in the Arlandria–Chirilagua neighborhood of the City of Alexandria for a purchase price of $12.5M. Two of the buildings are proximate to Wesley’s existing Beverly Park Apartments. The property acquisition and stabilization was financed by a $2.3M grant from the Amazon Housing Equity Fund and a $10.26M acquisition loan from Housing Partnership Fund, Inc. and participating lender Woodforest National Bank®. As a condition of Amazon funding, the 66 units will remain affordable for at least 99 years.
In the short term, Wesley Housing and Wesley Property Management will take immediate steps to address life safety issues and improve habitability for existing residents. In the long term, Wesley plans to redevelop the property, as well as properties owned by Community Lodgings.