FREDERICK, MD—Taney Village, a seven-story midrise apartment building here has traded for $108,154 per unit, or $14 million. Enterprise Housing Corp. is the buyer. The seller is an affiliate of Lamar Management, in Atlanta. Ideal Realty's Affordable Housing Group brokered the transaction with Cameron Manesh as team leader.
Enterprise Housing is planning an extensive renovation of the 130-unit property, which was built in 1978. It plans to keep the building as an affordable housing community for seniors.
Earlier this year the National Low Income Housing Coalition in Washington DC published its annual Out of Reach report, which looks at the state, or lack thereof, affordable housing around the US.
For Maryland, it noted that the Fair Market Rent for a two-bedroom apartment is $1,297 and to afford that a household must earn $4,323 monthly or $51,871 annually. NLIHC translates this level of income into a Housing Wage of $24.94.
However, the estimated mean, or average, wage for a renter in the state is $15.31.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
