Posted on November 4, 2022 by Derek Friday - Press
Urban Turf | Washington, DC | November 4th, 2022
Last week, UrbanTurf looked at how rent-to-buy scenarios are making a return to the housing market in the current high interest rate environment. Today, we take a look at how a new condo development in DC is utilizing this strategy.
The Stella, an 18-unit condo project in Petworth, is offering a lease-to-own program called “Pathway to Homeownership” on its remaining homes. Here is how it works for a two-bedroom unit: The purchaser and seller come to terms on a sales price of $480,000 for the condo. They agree on a rent amount of $3,400 per month with a lease duration of 12 months. Rent payments are made directly to the title company, and 70% of the monthly rent ($2,380) is held in escrow for the duration of the lease. The remaining 30% ($1,020) is used to cover operational expenses such as condo fees, property taxes, utilities, etc.
At the end of the 12-month lease, the purchaser/renter can elect to move forward to settlement and complete the purchase using the balance of funds held in the escrow account ($28,560) towards their down payment, closing costs, or other settlement costs. Otherwise, the purchaser/renter releases the amount held in escrow as a final rent payment and move-out as they would in a traditional lease.
“Theoretically a person could sign up with this program and end up with 6% of a down payment, just by paying rent for a year,” Robbie Cook of McWilliams|Ballard said. “Since many loan options only require 3% or 5% down, this is more than enough to get someone into a home they then own.”
Posted on September 15, 2022 by Derek Friday - Announcements
Washington, DC | September 15th, 2022
McWilliams|Ballard is proud to announce it has been selected to lead the lease-up effort of Ranger Properties’ newest apartment development, The Lanes at Union Market in vibrant Northeast Washington, DC.
The Lanes at Union Market, a LEED Certified, fully amenitized building, features 112 modern apartments with a variety of flexible floorplan options including 1-, 2-, and 3-bedroom layouts. With the ability for renters to rent either the whole apartment or by the room, each apartment features
modern finishes throughout including floor-to-ceiling windows, hardwood flooring and GE appliance package. Residents are able to enjoy designer amenities including a top floor resident club room,rooftop terrace with sweeping city views, multiple rooftop grilling areas and free community wide wifi. Located in the heart of Union Market, The Lanes is just steps to Trader Joe’s Grocery, restaurants, entertainment, the H Street Corridor, and more.
Ranger Properties, founded in 2007, is an integrated property management and full-service development firm with a vast portfolio throughout the East Coast. Led by, Sheldon Stein, the firm focuses on opportunistic investments with a philosophy on project that are not only outstandingly aesthetic but offer a since of surprise for those that live within.
McWilliams|Ballard, based in Alexandria, Virginia, is a real estate sales and marketing firm specializing in the sales and marketing of new condominiums, townhomes, and mixed-use communities. During its 26-year history, McWilliams|Ballard has worked in 13 states nationwide, creating partnerships with developers and builders to provide sales and marketing solutions from project inception to the final closed sale. In addition, the firm also provides consultation and market research used by some of the most renowned developers and investment groups in the country.