Amazon has put nearly $400 million in below-market loans and grants toward the Washington Housing Conservancy’s purchase of the Crystal House apartments in Arlington. The 828-unit apartment complex was sold to the Washington Housing Conservancy, an affordable housing nonprofit, in a deal first reported by Washington Business Journal. It sits just blocks from several buildings Amazon already occupies or is building for its second headquarters in the Pentagon City and Crystal City neighborhoods.
The assets sold for $377 million — $337 million for the existing buildings and $40 million for adjacent land slated for future development, according to the seller, Mack-Cali Realty Corp. Amazon provided $381.9 million in loans and grants for the deal, the company said — $339.9 million in loans and $42 million in grants, including $2 million for Washington Housing Conservancy’s social impact programs.
(WBJ, Photo courtesy of Amazon)