​​​​​Parkway Gardens was built in the mid-1950s as co-ops and later converted to rentals in the mid-1970's under the Housing and Urban Development Section 236 Interest Reduction Program. In 1988, it was purchased by private investors. In 2011, Related acquired the property, guaranteeing it would remain affordable for another 30 years.

Safety, livability and affordability were the driving principles behind the extensive renovations at Parkway Gardens. Related invested $42 million to provide residents ​with a new sense of pride in their living environments with upgrades that included new kitchens and baths, as a well new appliances. Improvements were also made to plumbing, flooring, lighting, elevators and heating systems. Brand-new amenity spaces were created to foster an atmosphere of community and included two playgrounds, a laundry area, a computer lab and a number of community green spaces throughout the property. Related also installed a state-of-the-art entry access and security system. ​To complement the renovations made at Parkway Gardens, Related also installed a new field for the John Foster Dulles Elementary School. The new 8,410-square-foot turf field replaced an asphalt lot and gives the students—90 percent of whom live at Parkway Gardens—an opportunity to have recess and sporting events outside for the first time in the school's history. In addition, Related started a yearly scholarship program for residents of Parkway Gardens working toward college or advanced degrees.