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1005 Rhode Island Apts | 1005 Rhode Island Ave NE (Washington, DC)
Equity investment by MG’s Obsidian Catalyst Fund supporting District Line Development’s ground-up development of eight multifamily units
Project Description
1005 Rhode Island Apartments was the Obsidian Catalyst Fund’s third investment, and second joint venture with DLD. The asset is located in NE DC near the Catholic University of America. The project is a currently has 16 units and will be ground up construction of 8 units to create affordable housing in a growing neighborhood.
The GP, District Line Development (DLD), is a vertically integrated sponsor with an established track record of executing projects throughout DC. DLD’s in-house construction and property management teams will manage all aspects of the property’s business plan. DLD was founded in 2019, and manages over 700 units.
Project Highlights
Project Type
Affordable Housing, Residential