Community Development, Peak Capital Acquire Suburban DC Affordable Apartments
- Dec 16, 2015
Forestville, Md.—The Community Development Trust (CDT) and Peak Capital Partners have acquired Parkland Village Apartments in Forestville, Md., a suburb of Washington, D.C. The property consists of 159 units of affordable housing.
The price wasn’t disclosed, but the new owners plan to invest $3.2 million for immediate repairs and capital reserves to maintain the property as affordable housing for the long-term. All 159 of the units of Parkland Village
Apartments will be reserved for families with household income at or below 60 percent of the area median income.
The property consists of 12 two- and three-story buildings with a mix of one- and two-bedroom garden-type apartments. Amenities include a children’s playground, grassy areas with mature trees, and a 148-space parking lot for residents. Originally constructed in 1948, the property was previously renovated in 2004 with Low Income Housing Tax Credits (LIHTC) and an FHA loan.
CDT is a REIT that provides capital for the preservation and creation of affordable housing, while Peak Capital owns and manages conventional, affordable, and student apartment assets nationwide. “Peak Capital Partners and CDT are committed to maintaining and improving the property for years to come,” said Chris Manning, a managing director at Peak Capital Partners.
The buyers previously partnered to acquire two properties, Pebble Creek Apartments in Southfield, Mich., and Traditions of Holland in Holland, Mich. The investment at those properties ensured the preservation of over 375 affordable housing units available to lower-income families.