The Prince George’s County Department of Housing and Community Development (DHCD) recently exercised the County’s Right of First Refusal (ROFR) in the purchase of three multi-family properties, Central Gardens Apartments and Millwood Townhomes, both in Capitol Heights, and Capitol Square Apartments in Brentwood. According to County Resolution CR-51-2015, the County may exercise its Right of First Refusal (ROFR) when an owner of a multi-family rental facility of 20 units or more intends to sell a multi-family property. Using ROFR, DHCD was able to preserve a total of 221 units of affordable housing. Central Gardens Apartments is a 94-unit apartment building where 71 units were preserved as affordable; Millwood Townhomes is a 75-unit townhouse community where 73 townhouses were preserved; and Capitol Square is a 118-unit apartment building where 77 units were preserved. “With increasing market demand of rental property, exercising our Right of First Refusal program on these multi-family properties is critical to preserving naturally occurring affordable housing, which is increasingly becoming a disappearing asset in the region,” said County Executive Angela Alsobrooks. “Ensuring equitable growth and the creation and preservation of quality affordable housing is a cornerstone of the County’s economic development platform, and we are excited that we are able to provide even more affordable housing opportunities for Prince Georgians.” Central Gardens Apartments and Millwood Townhomes were acquired by the Hudson Valley Property Group. Capitol Square Apartments were acquired by BROOKWYNN CAPITAL and Shift Capital LLC. Since the revamping of the Right of First Refusal program in 2021, Prince George’s County has preserved through ROFR the affordability of 1,887 multi-family units to date. #PrinceGeorgesProud #PrinceGeorgesCounty #PrinceGeorgesCountyDHCD #AffordableHousing #ROFR
About us
BrookWynn Capital is a multifamily investment firm, focused on the preservation of affordable and workforce housing assets. At BrookWynn, we will be acquiring existing cash flowing assets with a value add and/or core + investment strategy in emerging neighborhoods throughout the Mid-Atlantic and select Southeastern Markets. We are committed to addressing the housing needs of the shrinking middle class, while also increasing the overall economic pie for MWBE vendors and generating market rate returns to our investors. At BrookWynn, we believe real estate is the soul of a community, and the people are its heartbeat.
- Website
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www.brookwynncapital.com
External link for BROOKWYNN CAPITAL
- Industry
- Real Estate
- Company size
- 2-10 employees
- Headquarters
- New York, NY
- Type
- Privately Held
- Founded
- 2023
- Specialties
- acquisitions, , asset management, investment management, affordable housing, LIHTC, real estate finance, and real estate consulting
Locations
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Primary
Get directions
New York, NY 10027, US
Updates
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BROOKWYNN CAPITAL reposted this
Exciting News! SHIFT Capital and BROOKWYNN CAPITAL, led by Calvin V. Jones III, are proud to announce the acquisition and planned revitalization coming to Capitol Square Apartments in Metro D.C.🏙️✨ ============================= SHIFT alongside partner and minority-led firm, BrookWynn Capital are steadfast in a continued commitment to preserving and improving housing opportunities for low-and moderate-income families throughout the country. The mixed-income community at Capitol Square provides quality affordable, workforce housing as 65% of its units have been designated for families earning between 40-60% AMI. Capitol Square is set to undergo a comprehensive renovation with plans to upgrade 77 units on a rolling basis, all while ensuring current residents remain secure in their homes without being displaced. Renovations are designed to enhance the quality of housing options, add energy efficient upgrades, provide much needed safety and security enhancements, and create resident gathering spaces. Click below to read the full press release https://lnkd.in/e-dAxNPa The Community Preservation Corporation A. Walker & Co. Prince George's County, Maryland