Partnering to Keep 300 Homes Affordable in Maryland
Originally built between 1967 and 1970, “Community Homes” was in danger of falling into disrepair. It’s a very well-located development within a strong housing market in a high-opportunity area, with ample access to employment, education and community services. Enterprise and Enterprise Homes have partnered to acquire the development and make strategic operational improvements that will benefit the residents and better position it to be substantially recapitalized. Along with redeveloping each of the five sites while ensuring that affordability is preserved, Enterprise Homes plans to offer social services, including an after school program available to all residents.
Impact of Investment
- Preserves 300 very well-located homes in Columbia, Maryland., where affordable housing is in critically high demand.
- Invests in renovations that address critical repairs and deferred maintenance.
- Implements new property management that will incorporate new resident services.
- Builds flexibility into the investment term and exit options.
Enterprise invested $5.32 million in private equity in the Community Homes and leveraged additional equity from Enterprise Homes.