Development Duo Plans Affordable Conversion at Maryland Multifamily Property
BrookWynn Capital and Affordable Homes & Communities paid about $42 million for the 160-unit property.
By Nick Trombola December 11, 2025 1:55 pm
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A joint venture focused on preserving affordable housing has shifted its gaze to the D.C. area, where it aims to convert more than half of a 14-story multifamily property it just purchased into affordable units.
BrookWynn Capital and Arlington, Va.-based nonprofit Affordable Homes & Communities (AHC) paid $42.3 million for The Premier, a 160-unit building in Downtown Silver Spring, Md. The deal for the property, at 8711 Georgia Avenue, was funded by J.P. Morgan Chase equity via National Equity Fund, a nonprofit affordable real estate investment firm, as well as a CBRE-provided Fannie Mae loan. The equity value and Fannie Mae loan value were not disclosed.
“Deals like this are rare,” Paul Bernard, AHC president and CEO, said in a statement. “We’re actually increasing affordable housing, not just fighting to keep what exists.”
The building’s new ownership plans to earmark 80 of its market-rate units for households earning up to 60 percent of the area median income (AMI), and 20 units for households earning up to 80 percent of AMI. The property will retain 40 market-rate units as well as 20 existing affordable units under Montgomery County’s Moderately Priced Dwelling Units program.
“Working with Montgomery County, we’re delivering tangible results,” Calvin V. Jones III, BrookWynn founder and CEO, added in a statement. “One hundred households will see reduced monthly rent, which means more resources for groceries, health care and building their future.”
The unit conversion at The Premier will not be AHC’s first rodeo. In January, the nonprofit and Donaldson Impact Investments paid $63 million for the 312-unit Country Place Apartments in Burtonsville, Md., with plans to re-designate 172 of those units as affordable housing.
Indeed, affordable housing is one of the most resilient and stable asset subclasses, and 2026 could become a marquee year for affordable investors as demand continues to skyrocket and as other commercial real estate sectors face macroeconomic uncertainties.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
