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JBG SMITH Announces Major Milestone for the Washington Housing Initiative Impact Pool

By: via Business Wire

Investment Vehicle Provided Financing to Preserve More than 2,500 Units, Fulfilling its Initial Pledge to Create or Preserve Between 2,000 and 3,000 Units

JBG SMITH (NYSE: JBGS) today announced that the Impact Pool, the affordable housing investment platform it manages, provided $50 million in 2022 to acquire 955 units of workforce housing across three residential communities in the Washington, DC region.

Part of the Washington Housing Initiative (WHI) that was launched by JBG SMITH and Federal City Council, the Impact Pool leverages private capital to help combat the scarcity of housing for middle-income families throughout the DC region’s most up-and-coming neighborhoods. The Impact Pool is managed by a subsidiary of JBG SMITH.

With its 2022 investments, the Impact Pool has helped create and preserve more than 2,500 units of quality workforce housing since 2020 and is on pace to exceed its goal of delivering between 2,000 and 3,000 units by 2028.

WHI targets high-impact, rapidly changing communities, which are relatively affordable today but vulnerable to rising housing costs. Through its investment, the Impact Pool preserves affordability, prevents displacement, and allows long-time residents to benefit from improvements in schools, neighborhood services and transit.

“We created the Impact Pool to steer private investment into housing for teachers, nurses, EMTs and other workers who are essential to their communities,” said AJ Jackson, EVP of Social Impact Investing at JBG SMITH. “We are grateful to all of the investors in the Impact Pool and our many partners who have helped us illustrate both the business case and the social case for investing in the quality housing our working families need and deserve.”

In 2022, the Impact Pool provided financing for Earle Manor, The Gale Eckington and The Loree Grand. JBG SMITH is acting as property manager at each of the three communities.

Earle Manor

In March, the WHI Impact Pool provided financing for the Washington Housing Conservancy and Montgomery Housing Partnership’s acquisition of Earle Manor, a 140-unit multifamily asset. Located in Wheaton, Maryland, this marked WHI’s first investment in Montgomery County.

The Gale Eckington

In December, the WHI Impact Pool invested in a joint venture with the Jonathan Rose Companies to acquire The Gale Eckington, a 603-unit multifamily building located in the Eckington submarket of Northeast, Washington, DC. The acquisition was also supported by subordinate financing from Amazon’s Housing Equity Fund.

The Loree Grand

Also in December, the WHI Impact Pool provided financing to the Washington Housing Conservancy for its acquisition of The Loree Grand at Union Place, a 212-unit multifamily building located in the NoMA neighborhood of Washington, DC. The Conservancy’s acquisition was also supported by subordinate financing from Amazon’s Housing Equity Fund.

About Washington Housing Initiative

The Washington Housing Initiative Impact Pool is an approximately $115 million investment vehicle that targets after-tax returns equivalent to many traditional investment funds. The Impact Pool is managed by JBG SMITH Impact Manager, a subsidiary of JBG SMITH Properties. To date, the Impact Pool has invested in over 2,500 units across DC, Maryland and Virginia.

For more information on the Washington Housing Initiative and the Impact Pool please visit www.washingtonhousinginitiative.com.

About JBG SMITH

JBG SMITH owns, operates, invests in and develops a dynamic portfolio of mixed-use properties in the high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Over half of JBG SMITH’s holdings are in the National Landing submarket in Northern Virginia, where it serves as the developer for Amazon’s new headquarters, and where Virginia Tech’s $1 billion Innovation Campus is under construction. JBG SMITH's portfolio currently comprises 15.6 million square feet of high-growth office, multifamily and retail assets at share, 98% of which are metro-served. It also maintains a development pipeline encompassing 9.8 million square feet of mixed-use development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit www.jbgsmith.com.

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