The $36.5 million deal closed on September 20, according to the Washington Business Journal.
A planned phased redevelopment by Arlington, Va.-based nonprofit APAH will create approximately 1,250 apartments, most of which will be affordable for residents earning at or below 60% of the Area Median Income (AMI).
“Falkland Chase is APAH’s second community in Montgomery County, aligning with APAH’s regional expansion to address increasingly severe affordable housing needs,” APAH President and CEO Carmen Romero said in a press release.
Until the redevelopment begins, the existing 170 garden-style apartments will be leased at rents affordable to residents earning 60-65% AMI. The North parcel of Falkland Chase purchased by APAH is already approved for 1,250 new units, and APAH plans to modify the existing site plan to maximize affordability.
“We commend all who made this large-scale, high-impact project possible, including Montgomery County leadership, County Executive Marc Elrich, and the Housing Partnership Fund,” Romero said, “so that future families can enjoy quality, stable, affordable homes.”
As the current site is primarily a mixture of one- and two-bedroom apartments, APAH will develop a mix of one-, two-, and three-bedroom apartment homes.
The first phase of redevelopment will begin in 2026.
Photo Courtesy of JBG Smith / APAPH