How Collaboration Leads To Homeownership
In one of D.C.’s fastest gentrifying neighborhoods, a community of renters have become part of the city’s long and rich history of turning black and brown tenants into collective owners.
MAY 14, 2020 6 AM
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Teresa Edmondson outside 1477 Newton Street NWDARROW MONTGOMERY
The four-story, mid-rise residential property at 1477 Newton Street NW is something of an anomaly in D.C., where the housing market can feel inaccessible and many residents struggle to have an ownership stake. The property is collectively owned by its residents, who were previously renting units in the building, some for more than 15 years. Homeownership in this area seemed like a long shot, given that these residents each earn a modest amount in their teaching, nonprofit, or government jobs, if they are working. But together, they were able to purchase the 24-unit apartment building in one of D.C.’s most gentrified neighborhoods, where the median household income is $97,700.
“This is the newest history on the block in Columbia Heights,” Teresa Edmondson says.
Edmondson owns a share in the entire property because she is a member of The Cooperative At 1477. The cooperative, an association of residents who organized so they could own and operate the apartment building, acquired the building from the landlord in February. Unlike condo owners who own their unit, co-op members own a share in the building and lease their unit via contract.
The residents bought the building at a price that is substantially below what it is actually worth. According to one appraisal, the building has a value of $5.5 million. Yet, tenants acquired it for $2.3 million. Edmondson, the president of the co-op’s board, revels just thinking about the co-op’s victory of collective ownership. It took more than three years, along with a dedicated team of tenants and housing experts.
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