$60 MM preservation and renovation project of 292 homes in Anne Arundel and Howard Counties
Enterprise Community Development closed on the recapitalization last month of three senior living communities – Park View at Furnace Branch (Glen Burnie, MD), Park View at Ellicott City II (Ellicott City, MD) and Park View at Snowden River (Columbia, MD). Enterprise will preserve the Anne Arundel and Howard County properties as long-term affordable housing at a total acquisition and redevelopment cost of $60 MM and will begin renovations on all three to enhance the residents’ quality of life and experience and ensure the long-term viability of building systems.
Built in the early 2000s, all three communities serve low-income senior households earning up to 60% of the Area Median Income, including 83 units at Park View at Snowden River housing residents 50% of AMI or below. In total, the three properties consist of 292 homes, featuring one-bedroom and two-bedroom apartments including apartments designated for those with physical disabilities. All are in highly desirable residential areas near attractive amenities including retail, restaurants, financial institutions, medical, and service providers, and with access to major thoroughfares.
Renovations to Park View at Furnace Branch, 7466 E. Furnace Branch Rd. in Glen Burnie; Park View at Ellicott City II, 8700 Ridge Rd. in Ellicott City; and Park View at Snowden River, 8610 Snowden River Pkwy in Columbia, will vary by location and will include new windows, air conditioning units, kitchen appliances, and plumbing fixtures that will improve the energy efficiency of the apartments while new kitchen cabinets and countertops, bathroom vanities and sinks and hard surface flooring will enhance the residents’ living experience. Common areas throughout the property will also be renovated including the community rooms, fitness centers and lobbies.
The total acquisition and redevelopment cost for the Park View Portfolio is $60 million. Financing is being provided by the State of Maryland’s Department of Housing and Community Development, Arundel Community Development Services, Inc., Enterprise Community Investment, Inc. and Bellwether Enterprise.
Moseley Architects is the project architect and Harkins Builders, Inc. is the general contractor. Dedicated on-site resident services including case management, health and wellness programs and other essential services that offer opportunities for upward mobility for residents, will be provided by Enterprise Community Development affiliate Enterprise Residential.
In 2017, Enterprise Community Development acquired a portfolio of 43 properties from the Shelter Group, representing one of the single largest affordable housing preservation transactions in the country. Park View at Furnace Branch, Park View at Ellicott City II and Park View at Snowden River are three of 31 Park View properties in the portfolio and represent the fifth, sixth and seventh of the 43 properties to be recapitalized, renovated and preserved.
Enterprise Community Development is the top nonprofit owner and developer of affordable homes in the Mid-Atlantic and is an affiliate of Enterprise Community Partners. Formed from two Mid-Atlantic affordable housing powerhouses, Enterprise Homes, Inc. and Community Preservation and Development Corporation, Enterprise Community Development specializes in high-impact residential development, property management and resident supportive services. With 60 years of collective experience, Enterprise Community Development’s $1 billion portfolio includes 16,000 well-designed homes in over 110 communities to support over 22,000 residents. Enterprise has offices in Baltimore, Washington, DC and Richmond and is part of the Enterprise Community Partners’ family of companies. For more information, visit www.enterprisecommunitydevelopment.org.
