Oakwood Senior

Currently under construction!

Oakwood Senior Residences will be a new high-quality, affordable development of 150 apartments for independent seniors. Located just a half mile from the Van Dorn Metro Station and one mile from the Kingstowne retail center, the development has been thoughtfully designed to complement the adjacent residential neighborhoods. Oakwood Senior Residences will feature 6,000 square feet of amenity space, including game room, garden room, library, business center, dedicated resident services space, laundry room, and a landscaped courtyard and walking paths. The building will be 100% Universal Design to enable residents to age in place.

Now Serving Fairfax County

Oakwood Senior Residences represents APAH’s first project in Fairfax County as APAH expands beyond Arlington. According to Fairfax County’s Communitywide Housing Strategic Plan, seniors present the second greatest need for affordably priced homes – behind small family households and individuals. Nearly one-third of the residents of Lee District are older adults, many of whom are renters. According to Fairfax County’s demographic data, 52 percent of older adults who rent are cost-burdened by excessive rent compounded by limited income. More than half of that number pay more than 50 percent of their income on rent.

Financing

Oakwood Senior Residences was made possible by a public-private partnership with Fairfax County. In 2018, Fairfax County Redevelopment and Housing Authority (FCRHA) awarded APAH the rights to redevelop an underutilized stormwater retention area owned by the County into affordable apartments for independent seniors.

In addition to the contribution of public land, Fairfax County and the FCRHA also invested $5.25 million in local Housing Blueprint funding, nearly $12.6 million in revenue bond financing, and awarded eight project-based vouchers for the project. Additional financing for the project includes both four and nine percent Low-Income Housing Tax Credits awarded by Virginia Housing, funding through the Virginia Housing Trust Fund administered by the Virginia Department of Housing and Community Development, and nearly $30 million in equity investments from Bank of America.

Oakwood partners include

Fairfax County Board of Supervisors
Fairfax County Redevelopment and Housing Authority
Virginia Housing
Virginia Housing Trust Fund / Virginia Department of Housing and Community Development
Bank of America
Davis Construction
Grimm and Parker
KCM
Cates Engineering
Allen and Shariff
Christopher Consultants
Aumen Asner (Interior Design)

Stories from Oakwood Senior Residences

APAH and Fairfax County Break Ground on Senior Apartment Community in Lee District, October 22, 2021

Two APAH Projects Win Virginia Housing Trust Fund Awards, April 27, 2021

Property Information Sheet

Oakwood Senior Investor Sheet