Ark Communities, a workforce housing strategy by Landmark Partners, and Noah, the workforce housing management arm of multifamily manager Common, are collaborating to renovate and reposition the 286-unit Yorkewood community as Ark’s flagship workforce housing property in Baltimore.
"With Yorkewood as Noah's official entrance into Baltimore, we're proud to be working with local housing experts, Ark Communities, to provide quality workforce housing to the area with the focus on expansion throughout the city and state," says Brad Hargreaves, founder and CEO of Common. "Reliable property management is not often prioritized in workforce housing, even though it is poised to become one of the most important national housing categories post-COVID-19. Noah is on a mission to change this fact, and Yorkewood is a perfect example of exactly what the future of workforce housing should look like."
The Yorkewood community offers garden-style apartments across 68 buildings. Ark intends to execute a unit renovation program and refocus the community on serving residents who earn 80% or below of the area median income.
Ark parent company Landmark Partners notes that, despite COVID-19, rent prices in Baltimore have risen by 3.2% year over year—making affordable rental housing even more essential.
"It's imperative we protect and grow the attainable housing stock in Baltimore with focus on high-quality spaces and high-touch service. We're confident our partnership with Noah will provide the comprehensive skills and solution set to achieve our mission through rapid growth, impact-driven technology, and coordinated resident programs," says Jon Pannoni, president of Landmark Partners. "We are and always will place community first and seek every opportunity to build the relationships and experiences our residents have within our ecosystem."