Advantage Capital Catalyzes Affordable Senior Housing in Virginia
Deal News | Feb 04, 2025 | Advantage Capital
Advantage Capital, a recognized impact investment firm, has announced the financial closing of The Harbor at Quantico Creek, a pivotal housing development in Dumfries, Virginia, aimed at providing affordable housing for seniors. The project, supported by the Virginia Housing Opportunity Tax Credit (HOTC) program, features 125 units comprising 81 one-bedroom and 44 two-bedroom apartments designed for residents aged 62 and older. This initiative responds to escalating housing costs in the Washington metropolitan area, specifically addressing the affordable housing needs of seniors in Prince William County. The Harbor at Quantico Creek embodies Advantage Capital's commitment to developing sustainable housing that meets community requirements. The firm, in collaboration with Community Housing Initiative and other partners, advocates for state and federal tax credit programs to facilitate financing for developers, ultimately increasing access to safe, quality, and affordable housing for low-income groups across the United States. Founded in 1992, Advantage Capital excels in directing capital to underserved regions, bolstering growth-ready entrepreneurs and industries, and investing in affordable housing and renewable energy to stimulate economic and community development, achieving remarkable impacts by supporting over 900 companies and over 70,000 jobs.
Sectors
- Impact Investment
- Real Estate Development
- Affordable Housing
Geography
- United States – Advantage Capital operates within the United States, facilitating investments across underserved communities nationwide.
- Virginia – The project, The Harbor at Quantico Creek, is located in Dumfries, Virginia, addressing local housing needs and contributing to this state's rapid expansion in housing developments.
Industry
- Impact Investment – The article revolves around Advantage Capital's investment philosophy targeted at creating social, environmental, and financial returns by developing affordable housing in underserved areas, aligning with the impact investment industry.
- Real Estate Development – The development of The Harbor at Quantico Creek, a 125-unit housing facility, indicates active participation in the real estate development sector, focusing on creating living spaces specifically for senior citizens.
- Affordable Housing – The focus on affordable senior housing provided by the development aligns with the affordable housing industry, which addresses the need for cost-effective living solutions for low-income demographics.
Financials
- 125 housing units – The projected development will include 125 units of affordable housing geared towards senior citizens.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Advantage Capital | Investor | Company | A leading impact investment firm investing in underserved areas and expanding access to affordable housing across the United States. |
| The Harbor at Quantico Creek | Target Company | Company | A housing development project in Dumfries, Virginia, providing affordable housing for seniors, funded in part by the Virginia Housing Opportunity Tax Credit. |
| Community Housing Initiative | Partner | Company | A partner in the development of The Harbor at Quantico Creek, contributing to providing affordable housing for seniors. |
| Virginia Housing Opportunity Tax Credit (HOTC) | Financial Support | Government | A state program providing tax credits to incentivize the development of affordable housing in Virginia. |