Annapolis Project-Based Section 8 Community Lands New Owner
- Sep 11, 2015
By Adrian Maties, Associate Editor
Greysteel is keeping busy in the Baltimore-Washington area. The D.C.-based investment services firm has arranged the sale of another apartment community in the region.
Annapolis’ Timothy House and Gardens, an 81-unit, project-based Section 8 community, is Greysteel’s latest “victim”. Homes of America purchased the asset for an undisclosed price. The name of the seller also remained undisclosed but, according to PropertyShark, the former owner was Timothy J LLC & Timothy’s LLC Et Al, an entity that shares the same address as The Severn Companies. A quick search on the latter company’s website revealed that it was indeed the former owner. PropertyShark also indicates that The Severn Companies purchased Timothy House and Gardens in 2005, for $4.2 million. Its current market value is a little over $4 million.
Greysteel’s Mid-Atlantic multifamily investment sales team represented both the buyer and the seller in the transaction. It included Ari Firoozabadi, John F. Mullen, W. Kyle Tangney, Mike Bediones, Jake Ying, and Alicia Orkisz.
Timothy House and Gardens is located at 29 W Washington St., right in the heart of Annapolis. The property has operated since 1979 under a project-based Section 8 HAP contract, which guarantees housing assistance payments to owners on behalf of low-income tenants. It features 60 one-bedroom units reserved for elderly and disabled residents, and 21 three-bedroom units not restricted by age.
“Upon the completion of the HAP contract in 2019, ownership has the ability to opt out of the Section 8 program and redevelop the property for another use,” Greysteel Senior Director John Mullen said in a statement. “The opportunity to purchase Timothy House and Gardens to maintain the affordability of the property long-term aligned perfectly with Homes for America’s mission.”
Photo credit: Greysteel