5300 Newton Street

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Address: 5300 Newton Street, Bladensburg, Maryland, US
Created date: April 22, 2024
Date last updated: May 16, 2024
  • Birchwood at Newton Green is a senior affordable (62+) housing community consisting of 78-units within a single 4-story building in Bladensburg, MD. The property was newly constructed using 9% Low-Income Housing Tax Credits (LIHTC) and placed-in-service in December 2008. The Property’s LIHTC restrictions are 18 units at 30% Area Median Income (AMI), 34 units at 40% AMI, 22 units at 50% AMI, and 4 units at 60% AMI. Birchwood at Newton Green also includes 19 Project-Based Voucher (PBV) units under a 15-year contract that expires in June 2032.
  • Prince George’s County, the second most populated county in Maryland, boasts a median household income of $92,500, nearly 25% higher than the national average. Its centralized location, robust transportation system, and diverse economy fueled by top employers from both the public and private sectors, including prestigious higher education institutions and renowned healthcare facilities, underscore the county’s significance as an economic powerhouse within the metropolitan area. Prince George’s County economy spans many thriving sectors such as healthcare, education, biotechnology, aerospace, and defense. Major employers, including the U.S. Government, University of Maryland, NASA Goddard Space Flight Center, and several hospitals, contribute to the county’s economic strength and stability. In 2022, the Washington, D.C. MSA GDP reached $580.5 billion and has been deemed “recession-proof” due to the omnipresence of the federal government.
  • Bladensburg’s location near the nation’s capital provides residents with a robust transportation network consisting of a multitude of transportation options throughout the Washington metropolitan area. This includes easy access to national and international airports, Washington Metro, extensive bus networks, and commuter rail services. Bladensburg is served by the Washington Metropolitan Area Transit Authority (WMATA), providing convenient and quick access to neighboring communities and transit hubs throughout the D.C. metro area. Bladensburg is situated near major highways such as Interstate 495 (the Capital Beltway) and Interstate 295, offering easy access to regional destinations along the East Coast.
  • Along with the assumption of in-place subordinate loans, the property provides opportunities for new ownership to drive NOI by normalizing operating expenses (mainly Personnel and Administrative) and driving revenue growth by lightly renovating the units to capitalize on pent up demand in the market. Birchwood at Newton Green is, on average, one of the lowest rent assets in its submarket, where the market clearly supports an approximately $250 per unit average rent increase by refreshing unit interiors with modern finishes. Additionally, Birchwood at Newton Green exited its 15-year Initial Compliance Period in 2023, making it a potential LIHTC re-syndication candidate.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
No. of Units: 78
Year Built: 2009
Opportunity Zone: No
Property Website Click Here
Address: 5300 Newton Street, Bladensburg, MD 20710, USA
Provided by:

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