Enterprise Community Development Buys Naples Manor Townhomes for $18M
Enterprise Community Development has acquired Naples Manor, a community of 64 townhomes in Silver Spring, Md., for $17.6 million. The new owner plans to preserve the community as affordable housing.
The seller was not disclosed, but public records list the previous owner as Halle Enterprises.
Montgomery County exercised its right of first refusal when the property came on the market earlier this year. Still, under the law, the county was able to take title to the property from the seller. It then immediately turned around and sold it to Enterprise Community Development.
“This was an opportunity to partner with Montgomery County to preserve affordability in an area, where housing costs are escalating and rental costs are increasingly out of reach for many people who work in the region,” Brian McLaughlin, Enterprise Community Development’s president and CEO, told Commercial Observer.
Located at 67 Carona Court in Silver Spring’s Cloverly neighborhood, and originally built in 1988, the townhomes average 2,100 square feet and consist of three bedrooms, 3.5 baths and a finished lower level.
While single-family detached homes are priced between $550,000 to more than $700,000 in the area, rents for Naples Manor townhomes will be kept affordable for households earning 65 percent or less of the area median income.
“As the largest mid-Atlantic and BIPOC-led affordable housing provider, Enterprise Community Development works to advance housing equity through preserving and increasing supply,” Christine Madigan, Enterprise Community Development’s executive vice president and chief business officer, told CO. “The Naples Manor acquisition allows us to preserve an important housing resource in Montgomery County.”
The property is on Maryland Highway 650, just north of Highway 200, providing easy access to I-95 and Washington, D.C.
Financing on the deal was provided by Fulton Bank and Montgomery County Department of Housing and Community Development.