13605 Robey Road

• Willow Manor at Fairland (“Fairland”) is a Senior (62+) Partially Affordable Housing community consisting of 121 units in Silver Spring, MD. The property was constructed using 4% Low-Income Housing Tax Credits (LIHTC) and placed-in-service in 2020. Combined, the Property contains 6 units at 30% Area Median Income (AMI), 6 units at 50% AMI, 48 units at 60% AMI, and the remaining 61 at market, and the remaining 61 units are Market Rate. The Property is subject to a Ground Lease agreement, as well as a Payment in Lieu of Taxes (PILOT) agreement, with Montgomery County, both of which run through 2078. This transaction represents the opportunity to acquire the controlling General Partner Interest in the Partnership owning the Property.
• The Property is currently financed with three layers of debt, the first being a HUD 221(d)(4) loan, the second a MD Rental Housing Works (RHW) loan, and the third a MD Partnership Rental Housing Program (PRHP) Loan. Both the RHW and PRHP loans are payable out of surplus cash, as defined by the Partnership Agreement. New ownership can invest in a new construction affordable housing property, while continuing to build on the current owner’s success in increasing rental revenues. The Property is currently managed by an institutional quality company that has a storied history of strong operations in the DC/MD/VA region; the combination of high-quality, new construction affordable housing, and highly capable management is a recipe to efficiently operate the Property while capturing the organic rent growth inherent in this high demand and low-supply market .
• The broader Washington, D.C. Metropolitan Statistical Area (MSA) presents a resilient real estate market, characterized as recession-proof” due to its diverse employment base, educated workforce, and substantial federal government presence. With a population exceeding 6.5 million residents and a GDP surpassing $580.5 billion, the region represents a significant economic powerhouse on the East Coast. Montgomery County is Maryland’s most populous county at approximately 1.1 million residents and is a key economic engine for the state in that it is the home to multiple stable and high-growth industries. The presence of Fortune 500 companies and federal facilities, along with access to premier education institutions, contributes to the county’s economic vitality. Montgomery County residents earn an average household income of nearly $180,000, making it one of the top 20 wealthiest counties in the U.S.
• Situated within the Capital Beltway and just minutes from Downtown Washington, D.C., Silver Spring offers a blend of urban and suburban lifestyles, supported by an extensive public transportation network including the Metrorail, MARC trains, buses, and the upcoming Purple Line light rail. The Briggs Chaney Transit Hub is situated within Fairland’s parking area, providing residents with
• uncommonly proximate and frequent transit access. Fairland’s residents are minutes away from numerous shopping, eating, entertainment and healthcare options, including a 3-minute walk from the East County Community Center, 3-minute drive from Fairland Recreation Park, and 9-minutes away from both the University of Maryland Laurel Medical Center and Adventist Healthcare facility.

Property Description