Parkway Overlook Apartments East and West 2700-2714 Robinson Place, S.E., 2830-2832 Robinson Place S.E., 2825, 2841 Robinson Place S.E., 2825-2827 Jasper Street, S.E., 12th Place S.E. Washington, DC 20020 Fact Sheet The information below has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Location: Constructed in 1969, the Parkway Overlook Apartments East and West (Parkway Overlook) project, is located in the Anacostia (Ward 8) section of Washington D.C., near the Barry Farm New Community. Parkway Overlook is located off of Suitland Parkway. The property is located 3 miles southeast of downtown Washington and 3 miles north of the Capital Beltway. Attachment 1 has a location map and site map. Current Status: Vacant, boarded, secured and fenced. 24 hour security is monitoring the property. Legal Description: Lots 38-42 within Square 5875 in the District of Columbia Census Tract: 74.04 Property Rights: Fee Simple Interest District of Columbia Housing Finance Agency 1
Site: Attachment A Five non-contiguous parcels comprise the property with the assessments listed below as of, 2009. Lot Square Address Land Area Assessed Value West 5875 38 2700-2714 Robinson Place SE 132,050 $ 7,340,600.00 East 5875 39 2830-2832 Robinson Place SE 22,612 $ 1,082,600.00 East 5875 40 2825-2827 Jasper Road SE 60,473 $ 2,358,200.00 East 5875 41 12th Place SE 1,149 $ 66,460.00 East 5875 42 2835-2841 Robinson Place SE 91,779 $ 4,744,200.00 Total 308,063 $ 15,592,060.00 Improvements: Zoning: The property is comprised of 20 residential buildings and a separate community center building. The project consists of three and four story, low rise, walk-up buildings with 266 units. There are 39 onebedroom units, 100 two-bedroom units and 127 three-bedroom units. Attachment 2 has a building by building unit breakdown. R-5-A, a medium-density residential zoning category permitting all types or urban residential development up to an FAR density of 0.9. Financing History: Photos: Under the DC Housing Finance Agency s (HFA) 542(c) Risk-Sharing and revenue bond program, the HFA issued taxable and tax-exempt bonds in 2001 in the amount of $14,905,000 to NHTE Parkway, L.P. Three series of bonds were issued (Series B, C and D). In 2005, Parkway Overlook failed HUD s REAC physical inspection twice (below 60 out of 100 score), and the project based Section 8 subsidy from HUD was abated. After abatement of the Section 8 subsidy, the property went into monetary default. The HFA was named Mortgagee in Possession (MIP) on May 14, 2007. As the MIP, the HFA assumed management control of the property and currently remains the MIP. On or before the sale of the property, the HFA will enter into a deed-inlieu of foreclosure with NHTE Parkway, L.P. and will assume ownership of the property. The Series B, C and D bonds have all been redeemed; however, the property remains subject to the Risk-Sharing mortgage. The Risk-Sharing mortgage will be released as part of the sale of the property to the selected Proposer. Attachment 3 For More Information: Harry D. Sewell, Executive Director District of Columbia Housing Finance Agency 815 Florida Avenue, NW Washington, DC 20001 202-777-1601 District of Columbia Housing Finance Agency 2
Location Map Parkway Overlook Apartments East and West District of Columbia Housing Finance Agency 3
Site Map District of Columbia Housing Finance Agency 4
Building by Building Unit Breakdown Parkway Overlook Apartments East and West Section Lot Building 1 BR 2 BR 3 BR Total 1 East 39 2830 4 10 14 2 East 39 2832 4 3 7 3 East 40 2825 3 4 7 14 4 East 40 2827 3 4 7 14 5 East 40 2840 4 3 7 14 6 East 40 2842 3 4 7 14 7 East 42 2835 3 3 6 12 8 East 42 2837 3 3 6 12 9 East 42 2839 3 9 12 10 East 42 2841 3 9 12 11 East 42 2843 3 3 6 12 12 East 42 2845 3 3 6 12 13 West 38 2701 15 15 14 West 38 2703 14 14 15 West 38 2705 15 15 16 West 38 2707 15 15 17 West 38 2709 14 14 18 West 38 2711 15 15 19 West 38 2713 15 15 20 West 38 2715 14 14 Totals 20 39 100 127 266 14.7% 37.6% 47.7% 100.0% East 12 39 58 52 149 West 8 0 42 75 117 District of Columbia Housing Finance Agency 5
Figure 1: Parkway Overlook Apartments Entrance Figure 2: Exterior of Buildings District of Columbia Housing Finance Agency 6
Figure 3: Exterior of Buildings and Entrance to Community Center Figure 4: Inside Community Center District of Columbia Housing Finance Agency 7
Figure 5: Playscape Figure 6: Fencing District of Columbia Housing Finance Agency 8