Tysons Corner, Virginia, December 15, 2021:   SCG Development, a national affordable housing developer, is pleased to announce the closing of One University Apartments, located at 4400 University Drive in Fairfax, Virginia.

One University will be a $100 million development located adjacent to the George Mason University’s Fairfax campus and will feature a total 240 affordable apartment homes comprised 120 independent senior apartments and 120 family apartments housed in two separate buildings.  With close proximity to the City of Fairfax and George Mason University, the  residents of One University will enjoy easy access to shopping, restaurants, playgrounds, athletic fields, outdoor recreational and entertainment opportunities, and educational opportunities.

Designed to achieve the green building designation of EarthCraft Gold, the Property’s approximately 10,000 square feet of amenity space will house a fitness center, business center, club and entertainment rooms, and garage parking. The development will also include meeting space for the Fairfax County Redevelopment & Housing Authority (FRCHA). One University is expected to be complete in the Spring of 2024.

The project also marks a historical milestone in becoming the first Rental Assistance Demonstration (RAD) converted property to obtain US Department of Housing and Urban Development (HUD) approval for demolition and redevelopment.

The financing for the Property is being provided by: TD Bank, M&T Bank, M&T Realty Capital Corporation, the U.S. Department of Housing and Community Development (FHA), Stratford Capital Group, and Virginia Housing.

Fairfax County and the FCRHA have contributed significantly to the financing plan for One University, including the issuance of tax-exempt revenue bonds, Housing Blueprint funding and the contribution of public land owned by the FCRHA which was a critical component to the development’s financial visibility.

To read more about Fairfax County’s latest Affordable Housing Community, check out https://www.fairfaxcounty.gov/housing/news/2021/one-university-closing