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The two buildings that made up the Lake Anne Fellowship House, with affordable apartments for seniors, were constructed in the early 1970s. Forty-five years later, the buildings were in serious need of repair. It was deemed more cost effective to build an entirely new structure than to retrofit the existing buildings. Working with Grimm + Parker Architects, Charles P. Johnson & Associates, Orr Partners and Bozzuto Construction, Enterprise Community Development and Fellowship Square took an innovative development approach and constructed the new building on an underutilized portion of the site, adjacent to the original Lake Anne Fellowship House.

The new Lake Anne House provides affordable housing for over 300 seniors aged 62 and older and offers 240 tax-credit affordable units with multiple subsidy programs. Residents pay anywhere between 30 and 60 percent of their annual income for rent, depending on the subsidy program they are affiliated with. Residents also receive support from donated funds through Fellowship Square, which jointly owns the new Lake Anne House with its partner Enterprise Community Development.