DCHA Closes on Headquarters Site with Ares Management and MRP Realty Lead Group

First of Three-Phase NoMa mixed-use residential project will bring 430 apartments, with 86 affordable units, including 43 deeply affordable units for DCHA residents

NEW YORK and WASHINGTON, D.C. – Ares Management Corporation (NYSE: ARES) (“Ares”) and MRP Realty, as part of a joint venture between Ares Management Real Estate funds, MRP Realty, CSG Urban Partners and Taylor Adams Associates, announced today the land closing and Phase 1 construction financing of a new mixed-income residential development on the site of the current home of the District of Columbia Housing Authority (DCHA). The project is located at 1133 North Capitol Street NE in the NoMa neighborhood of Washington, DC. Construction is slated to begin immediately, with Phase 1 delivery anticipated in 2024. Phase 1 will comprise 430 multifamily units, including 86 affordable units.