The second phase of a large master-planned community has opened, bringing new affordable senior housing units to Glenarden, Maryland.
The Residences at Glenarden Hills II features 55 units, a wellness room, and a theater room. It extends and completes a four-story, 46-unit building built in the spring of 2019.
“It’s a momentous day as we celebrate the grand opening of the next phase of the comprehensive Glenarden Hills redevelopment,” said Patrick Stewart, regional vice president at Pennrose, a leading development firm. “It is a privilege to work closely with project partners, local officials, neighbors, and community stakeholders as we execute a shared vision for the neighborhood with an emphasis on sustainability, walkability, and intergenerational living.”
Partners in the development include the Redevelopment Authority of Prince George’s County, B&W Solutions, and SHABACH! Ministries.The roughly $15 million second phase is funded through a variety of sources, including 4% low-income housing tax credits and multifamily bonds from the Maryland Department of Housing and Community Development. The housing credits were syndicated by Hunt Capital Partners, and Aetna is a major investor within the equity fund.
Other sources include Rental Housing Works from the Maryland Department of Housing and Community Development, infrastructure and HOME funds from Prince George’s County, and a tax-exempt loan backed by Freddie Mac underwritten by Truist Bank, which also provided a substantial construction loan.
In addition to the four-story building, Glenarden Hills phase one includes 114 affordable and market-rate apartments for families and seniors in townhouse-style buildings.
Once complete, the six-phase community will include about 424 apartments and homeownership opportunities in a range of building types. The development is located on the formerly vacant site of the Glenarden Apartments complex, which was acquired by the redevelopment agency and demolished in 2014.
