Madison Ridge Apartments

Located in Centreville, Madison Ridge has 98 apartments: 14 one-bedroom and 84 two-bedroom apartments.
Amenities: Madison Ridge has access to a pool and a tennis court.Each apartment has a washer/dryer, dishwasher, and a ceiling fan.Direct bus line to Vienna Metro Station and walking distance to several community parks.
History: Through an innovative public/private partnership with Fairfax County, Wesley Housing purchased the 216-unit apartment community in July 2005 for $34.5 million, saving nearly 100 units of affordable rental housing and providing homeownership opportunities to first-time homebuyers. Wesley Housing preserved 98 units as affordable rentals and converted the remaining 118 units to condos. Wesley Housing purchased Madison Ridge with $8.6 million in acquisition financing from Fairfax County, including $6.1 million from the County's Housing Trust Fund and $2.5 million from thePenny for Housingfund in exchange for up to ten of the condos. Wachovia Corporation was the largest financer, providing $26.5 million in funding. Additional financing was provided by The Housing Partnership Fund, Inc., Fairfax County Redevelopment and Housing Authority, and Virginia Housing Development Authority provided permanent financing for the rental apartments.