Final Phase to Add 158 Affordable Apartments to $110M Glenarden Hills Community Lisa McDuffie on March 17, 2023 at 5:16 pm – Robert Khodadadian

Pennrose, Redevelopment Authority of Prince George’s County, B&W Solutions, and SHABACH! Ministries have broken ground on Glenarden Hills Phase III in Glenarden, MD. The final rental phase of the $110 million, six-phase Glenarden Hills master-planned community will add 158 affordable apartments to the site.

Once complete, the Glenarden Hills master plan will include 424 senior and family affordable apartments, market-rate and affordable rental townhomes, and homeownership townhomes across 27 acres.

Financing for Glenarden Hills Phase III was provided by Bank of America, M&T Realty Capital Corporation, Cedar Rapids Bank and Trust, Maryland Department of Housing and Community Development, Prince George’s County Department of Community Development and the Redevelopment Authority of Prince George’s County.

The third phase is a twin transaction, made up of two separate projects, one that utilizes the competitive 9% low-income housing tax credit and one that uses the 4% low-income housing tax credit.

The post Final Phase to Add 158 Affordable Apartments to $110M Glenarden Hills Community appeared first on Connect CRE.

Pennrose, Redevelopment Authority of Prince George’s County, B&W Solutions, and SHABACH! Ministries have broken ground on Glenarden Hills Phase III in Glenarden, MD. The final rental phase of the $110 million, six-phase Glenarden Hills master-planned community will add 158 affordable apartments to the site. Once complete, the Glenarden Hills master plan will include 424 senior …
The post Final Phase to Add 158 Affordable Apartments to $110M Glenarden Hills Community appeared first on Connect CRE.   

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

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