The Community Preservation Corporation Closes Equity Investments Totaling $3.65 Million for the Acquisition of Multifamily Properties in D.C. and Maryland

183 affordable units to be preserved by CPC and partners across both properties

Washington, D.C., (May 28, 2024) —  The Community Preservation Corporation (CPC), a mission-driven non-profit multifamily finance company, today announced it closed two equity investments totaling $3.65 million for the acquisition of two affordable housing properties, Capitol Square in Brentwood, Maryland, and Tunlaw Courts in Washington, D.C.  

“At CPC we believe that when you invest in a property, you’re investing in the future of the people who live there and in the stability of their community. The preservation of affordability along with the planned capital improvements at both properties will give the residents homes they can feel safe in and be proud of,” said Tell Metzger, Senior Vice President, Equity Investments, the Community Preservation Corporation. “We are proud to be working with our partners at BrookWynn Capital, Mosaic Affordable Housing, and Vantage Realty Capital who share our mission and are committed to making our neighborhoods more affordable and equitable.”

CPC and BrookWynn Capital LLC Invest in the Acquisition and Preservation of Affordable and Supportive Housing in Brentwood, Maryland

Alongside partner BrookWynn Capital LLC, a Black-owned multifamily investment firm led by developer Calvin Jones III, CPC is investing $2.45 million for the acquisition and preservation of Capitol Square, a 118-unit garden-style property in Brentwood, Maryland. The investment will preserve the long-term affordability of 65% of the homes within the property and provide wrap-around, supportive services to residents.

The limited partnership is a 50-50 partnership between CPC and A. Walker and Co. Prince George County provided sub-debt in exchange for the rent restrictions on the property. Capitol Square also has the financial and institutional backing of SHIFT Catalyst Fund, in which CPC is also an investor.

“We are excited by the acquisition of Capitol Square Apartments for several reasons; first and foremost, it is an opportunity to improve the quality of life for many residents,” said BrookWynn Capital Founder and CEO Calvin Jones. “The property has severe deferred maintenance and requires significant capital improvements. Our business plan will deliver upgrades that we believe will transform the community and make residents happy. Additionally, this is the first investment for BrookWynn Capital, as it recently launched its workforce housing investment management platform. The investment is significant because we were able to attract equity during a turbulent time within the capital markets.”

In addition to preserving long-term affordability, CPC and BrookWynn Capital plan to renovate the units and provide significant upgrades to common areas and the building’s exterior. Capital Square features one studio, 83 1-bedroom, and 34 2-bedroom units. Currently 95% occupied, the development is located less than a mile from Washington D.C. and benefits from multiple public transportation, healthcare, retail, and entertainment options.

“We are forever thankful for our partners as they share in our vision of making impactful investments,” added Jones. “CPC, A. Walker & Co. and Shift Capital were the perfect partners for this transaction, as it required flexibility and creativity when structuring the transaction. We also are thankful for our partners at Prince George’s County DHCD, as their investment within this project furthers the preservation of workforce housing within Prince Geroge’s County Maryland.”

CPC Joins Partners Mosaic Affordable Housing and Vantage Realty Capital to Acquire and Update 65-Unit Property in Washington, D.C.

Alongside a joint venture between multifamily developers and owners Mosaic Affordable Housing and Vantage Realty Capital, CPC will be providing a $1.2 million equity investment for the acquisition of Tunlaw Courts, a property that consists of 65 units across 2 buildings in the Foxhall/Glover Park neighborhood of Washington, D.C. The team will also be renovating 50% of the units at Tunlaw Courts, and income restricting 50% of the units for renters at or below 80% of area median income. In addition to the individual apartment renovations, there will be building-wide system repairs that include roof replacement, boiler replacement and electrical upgrades.

“We are immensely proud to be part of the Tunlaw Courts acquisition, a project that showcases our dedication to preserving affordable housing,” said Ali Semir, Managing Partner of Mosaic Affordable Housing. “This endeavor, supported through our partnership with CPC, has prevented a property destined for luxury redevelopment from losing its community character. By implementing a self-imposed Land Use Restriction Agreement and pursuing extensive building modernization, we’ve secured its future as affordable housing. This acquisition perfectly illustrates Mosaic Affordable Housing and Vantage Realty Partners’ commitment to merging affordable housing preservation with decarbonization efforts, guiding us towards a sustainable and inclusive future.”

A joint venture between Vantage Realty Capital and Mosaic Affordable Housing will operate as the managing member of the partnership. Semir, Managing Partner of Mosaic Affordable Housing, and Robert McCray, Founder and Managing Partner of Vantage Realty Capital (VRC) are serving as Principals of the joint venture and have a combined 20 years of experience in multifamily housing.

Currently celebrating its 50th anniversary, CPC enters 2024 on the heels of several significant milestones. In early April, Climate United, a coalition of three nonprofit organizations including CPC, was the recipient of a $7 billion award from the EPA’s National Clean Investment Fund. CPC leads the Climate United coalition’s multifamily market strategy through the deployment of targeted investments to decarbonize multifamily housing nationwide. In December, as managing member of Community Stabilization Partners the company was chosen by the FDIC to service and asset manage $5.8 billion in loans, encompassing more than 860 permanent loans and nearly 35,000 units of rent stabilized multifamily housing from the former Signature Bank portfolio. CPC also recently received a $15 million donation from “Yield Giving,” a fund led by MacKenzie Scott that delivers support to nonprofits around the world. This gift will allow CPC to further its nonprofit mission of financing affordable and workforce housing and will help to expand the impact of its programs and initiatives.

About The Community Preservation Corporation (CPC)

CPC is a nonprofit, multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $14.8 billion to finance the creation and preservation of more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 4,200 affordable units under ownership. CPC is a carbon-neutral company and maintains AA- S&P rating. Visit CPC at, and on Facebook, Twitter and LinkedIn.