Projects

vPoint Apartments

The new vPoint Apartment complex was completed in December 2011 and includes 116 units with 70 affordable and 46 market-rate units, located within half a block of the Clarendon Metro Station.

The new vPoint Apartments are part of the Arlington County’s vision to be a diverse, inclusive and sustainable urban community.  The project demonstrates innovative approaches to providing affordable housing in a core urban area on several levels – incorporating innovative partnership, energy efficient and sustainable design, mixed income and mixed uses, proximity to transit, and strategies to serve a diverse tenant community.  The project also is an example of repositioning of an aging underutilized church building into a vibrant mixed-use community asset.

Residents benefit from environmentally-conscious features and products including bike storage, carpool drop-off areas, ENERGY STAR appliances, dual-flush toilets, low VBOC paints, Green Label Plus carpet and recycling center on each floor.  vPoint is expected to achieve a LEED Silver certification.

vPoint Apartments is an example of the success of the Section 1602 tax credit exchange program.  Due to a difficult tax credit market in 2009, VHDA exchanged 100% of the project’s tax credit allocation for grant funds to allow it to move forward.  As a result, hundreds of jobs were created and 116 units of wonderful, transit-oriented housing now exist!

Specifications

Development Type
Studio, One, Two & Three (60% affordable, 40% market rate)
Number of Units
116
Type of Housing
New Construction
Development Cost
512000000
Location
Arlington, Virginia
Development Role
Financing Consultant and VHDA Mortgage Broker
Unit Mix
Studio, One, Two & Three (60% affordable, 40% market rate)
Architect
MTFA
Contractor
Bozzuto Construction
Developer
The Views Corporation with BDC & CCA, Inc.
Owner
1210 N. Highland St. – Clarendon LP
Investor
N/A
Lender
VHDA, Arlington County

Views-East-1-Block

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What Others Are Saying About Us

“I have worked with the principals of Chesapeake since the inception of Cinnaire in 1993. They have proven to be the most highly skilled and knowledgeable group of professionals we have ever worked with in this industry. Their creative and entrepreneurial approach to real estate development and finance have made them the number one choice for Cinnaire to assist us in complex and difficult real estate transactions. The use of Chesapeake in our Housing Tax Credit Year 15 disposition strategies has produced results for our investors that were beyond their expectations and has been a model we use in all of our disposition strategies. They are real estate experts extraordinaire with the added benefit of being socially minded. They not only care about the investor and owner benefits but also take into account a positive outcome for the residents.”