$70M Multifamily Property to Add to Affordable Housing Stable

Located at the intersection of 75th Ave. and Rte. 202, the Glenmore Apartments were developed in 1964. Owned by Lennar Atlantic MD VIII QA LP, the multi-structure property was assessed at a value of approximately $5 million before its demolition. Stavrou, which took over site control three years ago, just recently closed on the land purchase. When construction of the new Glenmore Apartments complex reaches completion in the Spring of 2006, it will feature 409 two- and three-bedroom units spread out among 30 structures, as well as such extra amenities as a community center, fitness facility, playground and swimming pool. Bozzuto Management Co. is on board to oversee management activities once the property is up and running.

"It has taken many years of hard work and teamwork between the public and private sectors to see this project come to fruition," says Maryland Lt. Gov. Michael J. Steele. "It is very rewarding to help bring attractive, affordable housing to the citizens of Prince George's County." Indeed, monetary assistance for the endeavor has come in from the federal, state, and local levels. The developers will receive $16 million in Federal Low-Income Housing Tax Credits, $39 million in state tax-exempt bonds, and nearly $1 million from the Prince George's County HOME Fund.