5670-A & 5635-A Furnace Avenue

• LIHTC + MARKET RATE COMMUNITY – RiverWatch Apartments is a two-phase, 142-unit affordable housing community located in Elkridge, MD, adjacent to BWI Airport. The Project is located minutes away from the BWI Business District and is a short drive from Baltimore, MD. Phase I of the project was Placed-In-Service in 2017 and Phase II was Placed-In-Service in 2022, through the 4% and 9% Low Income Housing Tax Credit (LIHTC) programs, respectively. Combined, the Project contains 15 units rent and income restricted to 30% AMI, 15 units at 40% AMI, 47 units at 50% AMI, 10 units at 60% AMI, and the remaining 55 units designated as Market Rate units. Each phase is owned by a separate partnership, the offering within is to acquire the controlling General Partner interest in each of the two partnerships.
• STRONG, GROWING MARKET – With a population in the metro area of greater than 2.8M people, the economy in the Baltimore-Columbia-Towson Metropolitan Statistical Area provides robust employment opportunities across a wide range of income earners in education, technology, healthcare, finance, engineering, supply chain and logistics industries, among others. The Port of Baltimore is ranked 9th in the United States for total dollar value of cargo that passes through it annually, and is expected to grow as the southern tip of the port is converted into a marine terminal. The Baltimore MSA recorded a population growth of 4.9% in the 2020 census while Elkridge itself experienced a 61.4% population growth. Howard County’s Area Median Income (AMI) increased by 10.47% and 4.82% in 2022 and 2023, respectively.
• CENTRAL, TRANSIT-ORIENTED LOCATION – RiverWatch’s combination of two and three-bedroom units and combination of rent-restricted and market-rate units is a very unique supply for this market, and captures both lower-income and market renters, across the spectrum of young professionals and families alike. RiverWatch’s residents are two minutes away from the St. Denis rail station on the MARC Camden Line and provides residents the opportunity to easily access the Inner Harbor area of Baltimore or Washington, D.C. to the south. Residents are also located minutes away from numerous shopping, eating, entertainment, and healthcare options while also being located 6 minutes away from the University of Maryland, Baltimore County Campus, and only a 10-minute drive from Baltimore/Washington International Airport (BWI).
• ACCRETIVE FINANCING & RENT-ADVANTAGED MARKET – The property has $25,206,026 of total assumable debt, of which $20,306,026 is low-interest rate FHA/HUD debt, with the balance of the assumable loans are comprised of low-cost subordinate loans provided by the state housing finance agency. New ownership can continue building on the current owner’s proven opportunity to increase rental revenues while investing in a stabilized, new construction affordable housing property. The Property is currently managed by an institutional-quality management company that has a storied history of being a strong operator 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, while providing rental units at a deep discount to nearby market-rate competition.

Property Description