Rhode Island Station is a 274 unit elevator-served market rate family apartment community to be built in Washington D.C., at the Rhode Island Avenue – Brentwood Metro stop. Using HUD’s Section 220 New Construction program for areas of urban redevelopment, AGM obtained a HUD-insured mortgage of $82,398,400 with a 40-year term. The community will consist of two, four-story buildings and will include first floor retail space and two free-standing parking garages with 468 spaces. The project includes 111 one-bedroom units, 150 two-bedroom units, and 13 three-bedroom units. Of the 274 units, 55 will be affordable to families earning less than 50% of area median income.
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