$37.4 MM recapitalization and renovation project of 108 apartments in Columbia, MD
Enterprise Community Development, Inc. (ECD) closed on financing last month for the preservation and modernization of Hickory Ridge Place, an existing apartment community located at Hickory Ridge Road, Columbia, Md. 21044. ECD will begin the $37.4 MM recapitalization and renovation project this month with completion by year end 2021.
Built in 1979, the three-story elevator building features 108 apartment homes comprised of a mix of one-, two- and three-bedroom units. The modernization program includes upgrades for both energy efficiency and improvements to enhance residents’ occupancy experience.
New windows, air conditioning units, kitchen appliances, and plumbing fixtures 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 center and lobbies.
Three years ago, 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. Hickory Ridge Place is the second largest property in that portfolio and is the fourth property in the portfolio to be recapitalized, renovated and preserved.
“As housing affordability reached crisis proportions, ECD recognized that preserving these properties would be vital to our existing and future residents. With the recapitalization and refinancing of Hickory Ridge Place, ECD continues to fulfill its commitment to preserve the affordability and physical sustainability of each community,” said Brian McLaughlin, president & CEO of Enterprise Community Development. “We are grateful for our on-going partnership with the talented team at Maryland’s Department of Housing and Community Development who make this critical work and success possible.”
Located in the Village of Hickory Ridge, one of 10 villages in Columbia, Maryland, Hickory Ridge Place residents have ample options for shopping, dining, education and medical services. Columbia Town Center is within two miles, Swansfield Elementary School and Wild Lake High School are within one mile, and Howard County General Hospital and Howard County Community College are adjacent to the property. The community sits just west of U.S. Route 29 and north of Maryland Route 32 providing easy access to I-95 and I-70.
“It’s particularly significant preserving and modernizing housing in one of the country’s most visionary planned communities, developed by Jim Rouse, who founded Enterprise Community Partners, especially at a time when many have been greatly impacted by the pandemic” McLaughlin says, “Successful community development must include safe, affordable housing with services and amenities that meet the needs of its residents today, tomorrow and for the future.”
The total acquisition and redevelopment cost for Hickory Ridge Place will be $37.4 million. Financing is being provided by the State of Maryland’s Department of Housing and Community Development and Enterprise Community Investment, Inc.
Grimm and Parker Architecture, Inc. is the project architect and Kinsley Construction is the general contractor. Enterprise Residential, an ECD affiliate, is the property management company and coordinates resident services.