In September 2023, APAH completed the purchase of 170 apartments at the Falkland Chase apartment community in downtown Silver Spring, MD from seller JBG Smith. APAH is envisioning a phased redevelopment of approximately 1,250 brand new apartments for this site with a large percentage targeted as affordable for residents with incomes at or below 60% of the Area Median Income (AMI).
Upon vacancy and/or turnover, the existing 170 garden-style apartments will be leased at rents affordable to residents earning 60-65% AMI until the redevelopment begins. While the North parcel of Falkland Chase purchased by APAH is already entitled for the 1,250 new units, APAH intends to modify the existing site plan to maximize the affordability of the future community.
APAH will develop a mix of one-, two-, and three-bedroom apartment homes to support family housing, as the current site is primarily a mixture of one-, and two-bedroom apartments. Phase one of the redevelopment is projected to begin as early as 2026.
Financing and Partners
Montgomery County committed to $19.5 million in funding through a combination of the Department of Housing and Community Affair’s Housing Initiative Fund (HIF) and Affordable Housing Opportunity Fund (AHOF) programs.
The lender, Housing Partnership Fund, with Woodforest National Bank and National Housing Trust-CDF as participants provided a private loan of $20.1 million.
The South and West parcels that comprise the remainder of the Falkland Chase community were sold to a partnership between Bank of America and Enterprise Community Partners’ Middle-Income Housing Preservation Fund and the Washington Housing Initiative Impact Pool.