A 259-unit apartment community built in the late 1980s is getting a new owner and new name as part of multi-million-dollar effort to preserve the complex as an affordable housing project.
As anticipated, developers AHC Inc. and Insight Property Group have acquired the Colvin Woods apartments in an effort to preserve the complex. As part of the change in ownership, the community will be rebranded as Haven Reston.
“Haven is Insight Property Group’s workforce and affordable housing brand. It is normal for them to rebrand with it,” an Insight spokesperson told FFXnow.
The acquisition follows the approval of a $15 million Housing Blueprint loan in early August.
“Partnering with local jurisdictions to address the urgent need for workforce and affordable housing in the DC Metro area has proven to be something that Insight is particularly well suited for,” said Insight Group partner Mae Klinger.
While the community has historically been a market-affordable community, no rent restrictions are currently in place to preserve that affordability. The complex includes a mix of one- and two-bedroom apartments, a leasing office, clubhouse and swimming pool.
The new owners will institute a phased approach to ensure that 60% of the units are occupied by residents earning a maximum 60% of the area median income and 40% of the units are occupied by residents earning no more than 80% of the AMI.
“Preserving the affordable housing in this beautiful woodland area, full of nearby amenities, is central to our mission of helping residents thrive,” AHC President and CEO Paul Bernard said.
Through October 2025, current leases with residents who are in good standing will remain unaffected. But by October 2027, all units will be preserved as affordable. After 10 years, the property will be refinanced through low-income housing tax credits — supporting a rehabilitation of the overall property, according to the county.
The new team plans to upgrade the building’s facade, common areas, amenities and landscaped areas. Gates Hudson will continue to manage the property.
Recent Stories
Google Chief Financial Officer Ruth Porat announces future plans in a press conference at the company’s Reston offices (courtesy Google) Google plans to invest $1 billion to expand data center…
A spring day on the Washington & Old Dominion Trail in Vienna (staff photo by Angela Woolsey) Fairfax City Schedules Fireworks Test — “Fairfax City Parks and Recreation has arranged…
Live Fairfax is a bi-weekly column exploring Fairfax County. This recurring column is sponsored and written by Sharmane Medaris of McEnearney Associates. Questions? Reach Sharmane at 813-504-4479. Sold by Sharmane and Style by Valentine teamed up…
For this year’s Independent Bookstore Day, local bookworms will be encouraged to collect not just new literary titles, but also places to buy them. More than a dozen shops across…
