Urban Pace Guides Developers and Buyers to Successful Sale of Inclusionary Zoning Units
(Washington, DC—June 10, 2018) Urban Pace, a recognized leader in advising developers on residential new construction, has curated a specialized expertise in the sales of inclusionary zoning (IZ) units in the District of Columbia. It recently sold all available IZ units at Constellation on H, in the heart of the H Street Corridor, in the first lottery, and to date has successfully sold all available IZ units in the first lottery on its last 5 consecutive projects.
“For buyers in DC’s high priced housing market, Inclusionary Zoning creates a separate market that allows opportunity for them to purchase units at an affordable price,” said Matt Dewey, Chief Operating Officer at Urban Pace. “Given the heightened competitive landscape for IZ units, we see developers infusing more time, consideration and capital into units to make them as viable as possible and draw more attention from qualified buyers.”
The first real estate company to complete an IZ sale in Washington, DC, Urban Pace has helped developers navigate through this competitive market, working with them to position and market offerings to draw more qualified prospects quickly.
Inclusionary Zoning requires that 8% to 10% of new or rehabilitated residential projects of 10 or more units be set aside for affordable units. While the dedicated price of each IZ unit may seem insignificant compared to historically high prices for market rate units, an 8% share in affordable residential units can represent a significant portion of the developer’s overall profit.
IZ sales are as competitive if not more competitive than market rate sales. Lists of prospects approved by the program, which is administered by the DC Department of Housing and Community Development (DHCD), must be assessed and narrowed to identify and market to qualified buyers.
Urban Pace maintains communications with DHCD and is therefore able to understand the evolving process and stay up to date on any new procedures. Its specialized process includes holding group open houses to create urgency, using its proprietary UPvelocity™ technology to manage leads and follow up with buyers at pre-determined times in the process and communicating with DHCD at every stage to ensure that all guidelines are being followed and all deadlines hit.
Recent success from Urban Pace in IZ sales includes projects: Constellation on H, Pullman Place, The Montage, Brooks Row and Quincy on 14th.
About Urban Pace
Urban Pace is the national leader in development real estate services including marketing, sales, leasing and advisory. As a Christie’s affiliate, we are the only firm with luxury and global reach. Founded in 2001, our team is the experienced authority having worked on more than 250 communities from large master planned sites to urban boutique buildings. We specialize in condominiums, townhomes, apartments and new construction sites across all price points. Combining our strategic approach and proprietary technology, UPvelocity™, we have a track record of driving traffic and revenue with extraordinary results. As part of a billion dollar entity, The Long and Foster Companies, we have unmatched resources with a network of 11,000 agents and a dedicated Asia Pacific team. For more information, please visit www.urbanpace.com or call 202-296-1203. Follow Urban Pace on Facebook, (www.facebook.com/urbanpace) and Twitter (https://twitter.com/urbanpace)