JBG Smith Meets 3,000-Unit Goal with Washington Housing Initiative

JBG SMITH, a leading real estate investment trust (REIT) based in Bethesda, Maryland, has announced that its affordable housing initiative, the Impact Pool, has successfully created and preserved over 3,000 units of quality workforce housing across the Washington region since its inception in 2020. This achievement surpasses their initial goal to deliver 3,000 units by 2025 and leaves them with additional capital to invest. 

The Impact Pool was launched by JBG SMITH as part of the Washington Housing Initiative (WHI), a collaboration between JBG SMITH and the Federal City Council. The platform leverages private capital to acquire privately owned and unsubsidized housing that is affordable for working households. It then locks in affordability while investing in building improvements and operating them using strategies designed to stabilize residents rather than push rents. 

AJ Jackson EVP of Social Impact Investing at JBG SMITH stated: "This milestone reinforces our commitment to preventing displacement and preserving affordability in rapidly changing neighborhoods vulnerable to rising housing costs." He added that they plan on continuing financing workforce housing even after all funds from the Impact Pool have been fully deployed. 

The overachievement of their target was achieved through various projects such as Parkstone Alexandria which provided 326 units; Crystal House with 825 units; Hamilton Manor delivering 245 units; Huntwood Courts offering214 Units among others including Franklin Apartments providing185 Units.  

Franklin Apartments is an age-restricted community located at Takoma Park MD funded through $6 million mezzanine financing from the impact pool together with other sources like Key Bank's Freddie Mac loan worth $26.2 million for refinancing purposes along with Montgomery County's soft loan extension worth $3.75 million. 

Commenting on this particular project AJ Jackson said "Our collaboration with a non-profit owner dedicated to property preservation will provide residents with resources enabling them age-in-place within Montgomery county." 

With properties spread out across DC, Maryland, and Virginia, the Impact Pool has been a significant player in providing affordable housing solutions to middle-income families. It is managed by JBG SMITH Impact Manager, a subsidiary of JBG SMITH Properties. 

About JBG SMITH 

JBG SMITH is a renowned real estate investment trust (REIT) that owns, operates, invests in and develops mixed-use properties mainly around Washington DC. The company prides itself on cultivating vibrant neighborhoods across the metropolitan area through an intense focus on placemaking. Their portfolio currently comprises 14.2 million square feet of high-growth office space, multi family homes as well as retail assets with approximately 75% holdings located within Northern Virginia’s National Landing submarket. 

The company's commitment goes beyond just property development; they are also dedicated to operating green buildings while concurrently maintaining carbon-neutral operations annually. Through their efforts and initiatives like the Impact Pool platform managed under their social impact investing arm, they continue to make strides toward creating more affordable housing units for working households.