Prince George’s County Exercises Right of First Refusal Tool to Preserve Affordable Rental Housing in Landover Hills
County Supports Dantes Community Partners’, a Division of Dumas Collective,
Efforts to Acquire Affordable Housing Community
Largo, MD --- The Prince George’s County Department of Housing and Community Development (DHCD) exercised its Right of First Refusal (ROFR) in the purchase of Verona at Landover Hills, a multi-family rental property built in 1963, located just outside the municipal boundary of Landover Hills. The property consists of 25 separate buildings on nearly 30 acres and includes a total of 727 units. The property is within a mile of a proposed station along the Purple Line (Annapolis Road/Glenridge). The unit mix includes 1 bedroom (236 units), 2 bedroom (412 units) and 3 bedroom (79 units). The property offers common area amenities consisting of a resident lounge, fitness center, playground, swimming pool and dog park. Since the revamping of the Right of First Refusal program early last year, Prince George’s County has preserved through ROFR the affordability of 1,213 multi-family units to date.
The Verona at Landover Hills was acquired by a joint venture between Dantes Community Partners, L&M Development Partners and Goldman Sachs Urban Investment Group. In coordination with the Prince George's County Department of Housing and Community Development, the partnership committed to 15 years of affordability for 75% of the units at 60% AMI levels, which will preserve affordability for 545 units. The partnership also plans to invest an additional $20 million to further renovate units and the exterior of the property. The partnership is committed to providing the community with resident services, with the objective to facilitate community and a positive living experience.
“With increasing market demand of rental property, exercising our Right of First Refusal program on this multi-family property 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.”
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. DHCD has the authority to purchase the property or assign its rights in an effort to stabilize, preserve, and expand housing opportunities for low- and moderate-income households and increase the availability of quality affordable rental housing in designated areas of the County.
“We saw an opportunity to acquire another sizable asset in our core market, whereby we could
collaborate with a best-in-class partner, with an aligned mission to deliver real impact: create new affordability in the market, create jobs, offer comprehensive resident and social services, and implement a greening strategy at scale,” said Sharif T. Mitchell, Operating Principal of Dantes Community Partners. “This transaction is aligned with our mission to address America’s growing affordability crisis through the creation and preservation of affordable and workforce housing that is sustainable for residents and generates reliable income for investors.”
Dantes Community Partners
Dantes Community Partners is the acquisition division of Dumas Collective. The organization is an investment management firm focused on acquiring existing, cash flowing assets with an emphasis on preserving affordable and workforce housing across the country. The firm actively pursues section 8, expiring LIHTC and naturally affordable properties where fresh capital can be injected to enhance the communities and leverage our operating platform to boost tenant satisfaction. Dantes Community Partners has acquired over 1,894 units in the primary target market of the Mid-Atlantic Region with over $320M in assets under management.
For more information, please visit: www.dantescommunitypartners.com
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