JHU buys Stafford for $2 million

July 02, 2004

The Johns Hopkins University has bought the Stafford Apartments in Mount Vernon for about $2 million and will spend millions more converting the 11-story building to dormitories by summer's end.

The Stafford has been empty since low-income residents had to move, with some help. Students at the nearby Hopkins-owned Peabody Institute will get first dibs on the 96 units, said David McDonough, senior director of development oversight in the Hopkins real estate office. The seller, Denver-based AIMCO Inc., will manage the building for Hopkins.

Mount Vernon activists have long said low-income housing was not a good use of the Stafford. In 2002, the state's congressional delegation helped end a requirement for public housing put in place when a previous owner made it federally subsidized housing. All told, Hopkins will spend more than $5 million, McDonough said.

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