The Prince George’s County Department of Housing and Community Development (DHCD) utilized its Right of First Refusal to purchase the property formerly known as Camden Largo Town Center, a 245-unit multi-family apartment building, located at 9701 Summit Circle, Largo, Maryland. Ninety-eight units will remain affordable. According to County Resolution CR-51-2015, the County may exercise its Right of First Refusal (ROFR) when an owner of a multi-family rental facility of 20 units or more intends to sell a multifamily property. DHCD has the authority to purchase the property or assign its rights in an effort to stabilize, preserve, and expand housing opportunities for low- and moderate-income households and increase the availability of quality affordable rental housing in designated areas of the County.
“This multifamily apartment community sits in the heart of downtown Largo, a vibrant and growing retail center,” said County Executive Angela Alsobrooks. “With the new University of Maryland Capital Region Medical Center and the Blue Line Metro Station, downtown Largo is critical for our economic development vision along the Blue Line Corridor. With increasing market demand of rental property, exercising our Right of First Refusal program is not only helping us to protect and expand quality, safe homes that residents of all incomes can afford, but also plays a key role in contributing to the creation and preservation of healthy and inclusive communities where access to opportunity is increased.”
The development team for the project is a joint venture of AHC Inc., Insight Property Group, and Federal Capital Partners (FCP). The purchase price is $71.85 million with commitments to maintaining 10% of the property at 60% Area Median Income (AMI) and 30% of the property at or below 80% AMI for 15 years.
“AHC is delighted to acquire our first community in Prince George’s County in partnership with the County, Insight Property Group, and FCP,” said Mary Claire Davis, AHC Greater Baltimore Director. “We appreciate the County’s commitment to providing long-term rental affordability in such a prime location and look forward to adding programming and services to further enhance the quality of life for our residents.”
Click here to read the rest of the article written by over at Prince George’s County government
