In 2010, Somerset Development Company and THCAH entered into a purchase contract with the owners of Webster Gardens, a 52 unit apartment complex located in Ward 4, one block from the Armed Forces Retirement Home (Old Soldiers Home). EVI provided equity for the redevelopment of the property.
Built in 1921, Webster Gardens is one of the earliest garden apartments in the District of Columbia, and the development team has been successful in getting the building placed on the National Register of Historic Places. The redevelopment of Webster Gardens preserved the affordability of the property for a range of family incomes, provided upgrades in the infrastructure and safety standards, thoroughly renovated all of the units and common spaces, remediated the environmental hazards and improved energy efficiency, built out new community spaces and a business center, provided on-site management, and preserved the historic character of the building.