Tours and lease applications for The Iris, a 430-unit mixed-income residence developed through a partnership of the District of Columbia Housing Authority (DCHA); MRP Realty (MRP), a Washington DC-based developer of commercial, residential, industrial and mixed-use real estate; CSG Urban Partners, LLC, a full-service real estate and business strategic planning advisory and development firm headquartered in DC; and Taylor Adams Associates, a real estate development and advisory firm that specializes in structuring and executing Public-Private Partnership projects, are now open. Construction of The Iris, which includes 86 affordable units, is near completion at the former site of the DCHA headquarters at 1133 North Capitol Street, NE.
Greystar Real Estate Partners is providing leasing and management for the 380,000-square-foot property. This DCHA-sponsored public-private partnership is the first phase of the three-phase redevelopment and reuse of the underutilized former DCHA headquarters site.
“The Iris strengthens the DC Housing Authority’s residential options to our residents by offering homes that are thoughtfully designed, modern and, most importantly, affordable in a central location,” said DCHA Executive Director Keith Pettigrew. “This phase is the first step in the substantial growth of affordable housing options in the NoMa neighborhood.”
“MRP has been active in the NoMa market for almost two decades and we have developed this property in keeping with the strong relationships and understanding of NoMa resident preferences we have come to know over the years,” said Bob Murphy, MRP Realty founding partner. “It’s the perfect opportunity to create a mixed-income community that provides both affordable and market rate housing in the same extraordinary building.”
At 13 stories, The Iris apartment building is the first completed property in the multi-phase development at the site. Pre-leasing with hard hat tours began April 15, already attracting a strong pace of closed leases to-date. Levels one through seven are now available for tours with floors eight to the rooftop opening at the end of August. Move-ins will begin May 20th.
The LEED Gold property, with an interior design emphasis on nature and an indoor/outdoor lifestyle, enjoys views of the Capitol and Washington Monument from the rooftop with pool, cabanas, and dog park. With nine-foot ceilings in every unit, home options include studio, one-, two-, and three-bedroom residences. Twenty percent of the unit mix is affordable for families at 60% of AMI and below.
Common area and exterior amenities include: double-height lobby with concierge; open space co-working area with private work pods; fitness center and yoga studio; sports bar; private dining room with stainless steel appliances for cooking and catering; outdoor kitchen with BBQ stations; reading library; courtyard rooftop lounges; multi-station dog-grooming facility; and a mail and package center.
There are two levels of below-grade garage parking, including spots with EV charging stations, as well as bike storage and resident storage units.
“The demand for this elevated lifestyle continues to grow in NoMa, and we have been pleased with the immediate positive reaction,” said Kim Horton, Greystar General Manager for The Iris. “The amenities at The Iris rival the best across downtown Washington, and this location remains highly sought after for both first time renters and those moving up to newer, larger floorplans.”
Residences, with floor-to-ceiling windows and many with spacious balconies, include: spa-inspired bathrooms with walnut vanities, black fixtures, tile shower wall and flooring with glass doors; spacious closets with custom shelving; kitchens with upgraded stainless steel appliances, Quartz countertops with custom cabinetry, subway tile backsplash, pendant lighting over kitchen islands; in-unit stacked full-size W/D; wide-plank wood-like flooring throughout; and smart keyless entry system.
CBG Building Partners is the construction company for The Iris, and Moya Design Partners is the architect.
About DCHA
The District of Columbia Housing Authority (DCHA) is committed to providing safe, affordable, and quality housing to the residents of the District of Columbia. The agency emphasizes fostering a collaborative work environment to meet the highest expectations of the affordable housing industry. With a focus on innovation and community development, DCHA strives to improve the lives of individuals and families by creating sustainable and thriving communities. Learn more at our website about DCHA and the work that the agency is doing to impact the residents of Washington, D.C.
About MRP Realty
Founded in 2005 and headquartered in Washington, DC, MRP is a real estate operating company focused on opportunistic and value-add investment along the Southeast corridor of the US. Since the firm’s inception, MRP has been among the most active local investors and developers in office, multifamily and land investment, deploying $7.8 billion (total capitalization). MRP provides to its institutional capital partners a full array of real estate services including acquisition/disposition, development/construction management, property management and asset management services, and financial reporting services. MRP focuses on strategic investment opportunities in both high barrier-to-entry submarkets and high growth submarkets. www.mrprealty.com.
About CSG Urban Partners
CSG Urban Partners (CSG) is a locally based, minority- and woman-owned real estate development firm established in 2003. CSG has been selected by the District of Columbia to develop two real estate projects awarded under Mayor Muriel Bowser’s Equity RFP initiative. For more information, visit www.csgurban.com.
About Taylor Adams Associates
Taylor Adams is a real estate development and advisory firm that specializes in structuring and executing Public-Private Partnership projects on behalf of our partners and clients. Our team has a diverse skill set, including leadership experience in real estate development, politics, and government that creates a unique platform to solve problems specific to Public-Private Partnerships. Our expertise in working with diverse communities, institutions and governments allows us to creatively structure transactions that are approvable and maximize value. Our extensive Public-Private Partnership experience includes Advisory and Consulting, Real Estate Development, and Project & Stakeholder Management. For more information, visit http://www.tayloradamsassociates.com/.
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $290 billion of real estate in 247 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 857,400 units/beds globally, and has a robust institutional investment management platform comprised of more than $76 billion of assets under management, including over $34 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.