Pennrose, Redevelopment Authority of Prince George’s County, B&W Solutions and SHABACH! Ministries celebrated a virtual grand opening of Residences at Glenarden Hills II in Glenarden, Maryland. The development is the second of the six-phase Glenarden Hills master-planned community, which will include senior and family affordable apartments, market-rate and affordable rental townhomes and homeownership townhomes across 27 acres.
Speakers at the virtual ceremony included: Kenneth Holt, Secretary, Department of Housing & Community Development; David Harrington, Chair, Redevelopment Authority of Prince George’s County Board; Jolene Ivey, District 5 of Prince George’s County Council Member; Denise Robinson, Asst. Deputy Chief Administrative Officer for Economic Development, Prince George’s County; Andrea Harrison, Delegate for the 24th District of Prince George’s County; Angelo Edge, VP, CVS Health & CEO, Aetna Better Health of Maryland; Cynthia J. Terry, President, SHABACH! Ministries, Inc.; and Patrick Stewart, Regional Vice President for Pennrose.
The Residences at Glenarden Hills II extends and completes the four-story senior building built in Phase I, adding an additional 55 units of affordable, senior housing, a wellness room and theater room to the existing 46-unit building. The brand-new apartments feature open floor plans with oversized windows, modern kitchens with dishwasher, large closets, ceramic-tiled baths and individually controlled heating and cooling.
“It’s a momentous day as we celebrate the grand opening of the next phase of the comprehensive Glenarden Hills redevelopment,” said Patrick Stewart, Regional Vice President at Pennrose. “It is a privilege to work closely with project partners, local officials, neighbors and community stakeholders as we execute a shared vision for the neighborhood with an emphasis on sustainability, walkability and intergenerational living.”
Residents will also enjoy access to the amenities designed in Phase I, including the approximately 5,700 square foot community clubhouse with a multi-purpose space, fitness center, management suite, resource center, locker rooms, kitchenette, outdoor patio with a grill and tot-lot.
Glenarden Hills Phase I was completed in the spring of 2019 and includes 114 affordable and market-rate apartments for families and seniors in townhouse-style buildings and the four-story building. Once complete, the Glenarden Hills master plan will include over 424 apartments and homeownership opportunities in a range of building types. The development is located on the formerly vacant site of the Glenarden Apartments complex, which was acquired by the Redevelopment Authority of Prince George’s County and demolished in 2014.
The roughly $15 million Phase 2A project is funded through a variety of sources but utilizes both the 4% Low Income Housing Tax Credit and multifamily bonds from the Maryland Department of Housing and Community Development. Other sources include Rental Housing Works from the Maryland Department of Housing and Community Development, infrastructure funds from Prince George’s County, HOME funds from Prince George’s County, and a tax exempt loan backed by Freddie Mac underwritten by Truist Bank. The low-income housing tax credits were syndicated by Hunt Housing Capital, and Aetna is a major investor within the equity fund. Additionally, a substantial construction loan was advanced by Truist, providing financing through construction.
Pennrose has a successful track record developing master-planned communities and is active throughout the Mid-Atlantic region. Most recently, Pennrose, REACH Riverside and the Wilmington Housing Authority closed on financing for phase one of the community-led master-planned redevelopment of Northeast Wilmington’s Riverside neighborhood.