Standing next to the Grosvenor-Strathmore Metro station, the Ravel and Royale is Montgomery County’s newest development providing affordable housing. One of several WMATA projects this year, the two buildings mark the completion of the first phase of Strathmore Square.
Built in partnership with Fivesquares Development, Aimco, Strathmore, the Amazon Housing Equity Fund and Montgomery County officials, the apartments opened doors in July.
This past Monday, Ravel and Royale celebrated its grand opening with Council President Andrew Friedson cutting the ribbon.
The apartments signify a greater effort to increase transit-oriented development in Maryland. This year alone, the WMATA has constructed several affordable housing projects, with another planned near the North Bethesda Metro Station.
Through the fund, Amazon is pledging $24 million in long-term financing for a fifth of Strathmore Square’s units. This includes the next phase of the Strathmore Square neighborhood, which will see the construction of another 400 residential units.
According to Senthil Sankaran, the managing principal of the Amazon fund, apartments are accessible to various income levels by offering low-interest loans to developers, and subsidies to tenants. Low-rate loans allow owners to cover costs while still renting to lower-income tenants.
Additionally, the subsidies target families earning between 50 to 70 percent of the area median income (AMI). This helps alleviate financial pressures, allowing households to direct their income towards other necessities like education and healthcare.
“This development marks a significant milestone for the Amazon Housing Equity Fund, as it is the third development to deliver affordable homes under our partnership with WMATA,” Sankaran said.
The apartments feature of range of amenities including a fitness center and pool, rooftop lounges and an exclusive Strathmore membership.
Update: All of the affordable units are fully leased according to a spokesperson for AIR Communities, the company who manages the Ravel and Royale apartment community. The spokesperson said the current available units are market rate.
