Madison Ridge Apartments

About This Building

Location: Madison Ridge in Centreville Overview: Madison Ridge offers 98 apartments, including 14 one-bedroom and 84 two-bedroom units. Amenities: Residents enjoy access to a pool, tennis court, and modern apartment features like a washer/dryer, dishwasher, and ceiling fan. Convenience: The community benefits from a direct bus line to the Vienna Metro Station and is within walking distance to various community parks. History and Preservation: In July 2005, Wesley Housing, in partnership with Fairfax County, acquired the 216-unit apartment community for $34.5 million. This acquisition preserved almost 100 units of affordable rental housing and created homeownership opportunities for first-time buyers. Affordable Housing Preservation: Wesley Housing ensured the preservation of 98 units as affordable rentals while converting the remaining 118 units into condos. The purchase was made possible with $8.6 million in acquisition financing, which included $6.1 million from Fairfax County's Housing Trust Fund and $2.5 million from the Penny for Housing fund. Financial Support: Wachovia Corporation played a significant role, providing $26.5 million in funding. Additional financing was secured from The Housing Partnership Fund, Inc., Fairfax County Redevelopment and Housing Authority, and Virginia Housing Development Authority.