Another Quality EB-5 Project from The LCP Group – the Harlow in D.C. Is Almost Sold Out
October 28, 2019
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Another Quality EB-5 Project from The LCP Group – the Harlow in D.C. Is Almost Sold Out
The new Harlow multi-family residential complex in Washington, D.C., was almost fully leased before its grand opening on Oct. 17, with 95% of its units accounted for at that time. The Harlow is a pet-friendly 10-story building with 179 mixed-income apartments that have spectacular views of Canal Park and 4,000-square-feet of ground floor retail space. The building offers townhomes and one- and two-bedroom apartment homes, some with dens. This property is another great example of a solid EB-5 project from The LCP Group, L.P. (LCP), an investment management firm based in New York.
Born out of a public-private partnership to create more affordable housing in the area, the Harlow was funded using innovative methods such as financing from the D.C. Housing Production Trust Fund, federal low-income tax credits and capital raised via the EB-5 program. The EB-5 Immigrant Investor Program raises capital from foreign investors to finance job-creating real estate projects in developing neighborhoods across the United States. Since the Harlow was built in a targeted employment area, it qualified as an EB-5 project and was able to benefit from this type of investment. And each foreign investor who invested in this EB-5 project will benefit from the opportunity to obtain a U.S. green card, provided program requirements are met.
“The Harlow is a great example of how an EB-5 project can help elevate a developing neighborhood,” said Francis Lively, CEO and President of LCP. “We were excited to work with the DC Housing Authority, Urban Atlantic Development, and Forest City Enterprises to help raise the capital for this project.”
To date, LCP has capitalized more than $500 million in debt and equity transactions into real estate projects, with an aggregate value of more than $5 billion. LCP has structured more than 15 EB-5 projects that have employed more than 38,000 U.S. workers and helped more than 1,000 foreign investors from 25 countries on their path to permanent U.S. residency.
In addition to reviving the neighborhood, the Harlow is also a model for sustainability in the community since it is one of the first to use an innovative regional stormwater management facility at Canal Park to manage its stormwater requirement. But the innovation doesn’t stop there. The units feature beautiful design elements with high-end kitchen finishes including movable islands, quartz countertops, tile backsplashes and stainless steel appliances. The spa-like baths feature walk-in showers and separate tubs, slate tile flooring and double sink vanities. In addition, all units have efficient, front-loading washers and dryers, spacious walk-in closets with built-in organizers, hardwood-inspired plank flooring and plush carpeting in the bedrooms. And the floor-to-ceiling windows, private patios and balconies and keyless entry systems complete the luxurious lifestyle these units afford its tenants.
Just as impressive as its interiors, the amenities at the Harlow do not disappoint. They include a rooftop dipping pool with outdoor lounge and built-in grill station all with amazing views of D.C. There is an indoor social lounge featuring a gourmet kitchen with bar, private dining room, and gaming area with TV, shuffleboard, foosball and video games. The 24/7 fitness center has cardio and weight-lifting equipment, and a dedicated yoga, barre and stretching area. A second-level courtyard offers a gas fire pit, bocce ball and grill area with ample lounge and seating. And, there are custom work spaces featuring a well-appointed conference room, individual work pods and coffee bar.
The Harlow also has a pet spa and private outdoor dog park, bike storage areas, concierge services, 24/7 on-demand dry cleaning, on-site garage parking and complimentary Wi-Fi throughout all amenity spaces. And the location, of course, is conveniently located near shopping, dining, world-class entertainment and the Metro.
The units at the Harlow are about 779 square feet and are renting for $2,917 per unit on average. The townhomes at the base of the building average nearly 1,250 square feet and are renting for about $3,991 per unit. Clearly this EB-5 project is proving to be a success story for all involved.
“This building represents a new beginning for the Capitol Riverfront Business Improvement District as well as for its EB-5 investors who will soon be living their American dream via their EB-5 conditional green cards,” said Lively. “The Harlow is a win-win-win situation—for the community, its tenants, and its investors alike.”
