Urban Pace and 10 Square Real Estate (10 Square) have closed on the sale of two Inclusionary Zoning (IZ) affordable condominiums at Centrie, a new 22-unit condominium development in Shaw. These are the fifth and sixth IZ units to be sold in Washington, DC since the IZ program launched in 2009.
“More than two years ago, we saw the need for a focused approach to help real estate developers market and sell their IZ units, while maintaining the profitability of their projects,” said Lynn Hackney, President of Urban Pace, Washington’s leading company providing marketing, sales, and advisory services to multifamily developers in the area’s urban neighborhoods. “We realized that the complexity of the IZ process requires a dedicated sales and marketing team, and we were fortunate to partner with 10 Square to arrange this exclusive offering.”
To aid both developers and consumers with the IZ process, 10 Square Real Estate provides a database of qualified prospective buyers, knowledge of the IZ regulations, regular communication with the District government, and relationships with lenders willing to provide financing under the IZ covenants.
Centrie, developed by District-based Community Three at 435 R Street, NW, is the first new condominium development of its size in Shaw in over a decade. All of Centrie’s 20 market-rate condominiums, now sold out, went under contract less than a month after sales began.
One of the two recently closed IZ units at Centrie sold to a buyer who makes 50 percent of area median income (AMI); the other sold to a buyer who earns 80 percent of AMI. 10 Square currently has three additional IZ units in another building under contract.
“We are committed to supporting this important tool to make home ownership a viable option for moderate-income District residents,” said Suzanne Des Marais, founder of 10 Square Real Estate. “We expect to release a number of additional IZ units for sale in the future, and have a significant pipeline of these units to be released over the next few years.” 10 Square also provides boutique-level real estate services for market-rate buyers and sellers.
“We applaud Urban Pace and 10 Square for helping make Inclusionary Zoning a success. Their work eases the process for matching the right buyer with the right home,” said Cheryl Cort, Policy Director for the Coalition for Smarter Growth, one of the leading non-profit organizations supporting the implementation of Inclusionary Zoning.
About Urban Pace: Urban Pace, LLC is a privately owned company that provides marketing, sales, and advisory services to real estate developers specializing in condominium and mulitifamily developments. Founded in 2001 by Lynn Hackney, Urban Pace has worked on more than five million square feet of property and over 5,000 units.