
Recently formed Concord Communities, an affordable housing owner and developer based in Washington, D.C., has made its first acquisition—four apartment communities with 340 units within one mile of each other in Northeast Baltimore.
The company was launched in 2020 by Lowe, a national investor, developer, and manager, to focus on owning and developing affordable housing. The wholly owned affiliate is pursuing development opportunities to create affordable housing in the Mid-Atlantic region and is seeking to acquire existing properties that can benefit from rehab efforts and improved management. According to the company, it will assess each acquired property based on the market and will look to provide housing for an area median income (AMI) between 30% and 80%, seeking to have an average AMI of less than 60%.
“Concord is dedicated to creating quality homes in welcoming communities that address the housing shortage faced by area residents,” said Mark Rivers, executive vice president of Lowe and Concord Communities. “Contributing positively to our communities is one of our company’s foundational values. Drawing upon our expertise, partnerships, and alliances, we believe we can go beyond housing to provide enhanced living experiences and provide desirable communities for area residents at an affordable cost.”
Concord is evaluating the properties and planning for community improvements. The properties include:
- Walther Avenue Apartments: Built in 1967, the 64-unit community features studio to two-bedroom floor plans in six three-story buildings. It is 95% occupied;
- Hazelcrest Apartments: Built in 1965, the 48-unit community includes two-bedroom floor plans in eight two-story buildings. It is 95% occupied; and
- Northern Village Apartments East and West: Built in 1972, these two communities feature 228 units with a mix of one-, two-, and three-bedroom floor plans in 23 two-story buildings. It is 97% occupied.
Lowe vice president Ralph Crozier led the acquisition on behalf of Concord Communities, and Christine Espenshade at Newmark represented the seller.