$15.8M Renovation Preserves Affordable Senior Housing at Park Heights Place in Baltimore

$16M Affordable Seniors Housing Project Opens in Baltimore
CRE Market Beat Take
The use of layered HUD, state and LIHTC capital to recapitalize an aging senior asset illustrates how public programs are underpinning affordability preservation plays in older multifamily stock.

Enterprise Community Development has marked the grand opening of the newly renovated Park Heights Place, an affordable senior housing community at 5430 Park Heights Avenue in Baltimore City. The project upgrades and modernizes an 84-unit property originally built in 1998 while maintaining its long-term affordability for older adults with limited incomes.

The renovation represents a $15.8 million investment focused on preserving the existing community and addressing a range of deferred maintenance needs. Improvements included the overhaul of residential interiors, with renovated kitchens and bathrooms and the installation of modern appliances designed to enhance day-to-day livability for residents. Common areas throughout the building were also modernized, refreshing shared spaces that support social interaction and resident programming.

Park Heights Place continues to serve older adults whose incomes qualify them for affordable housing, and the completed work is intended to extend the useful life of the building while keeping rents affordable over the long term. By updating building systems and resident spaces, the rehabilitation responds to both the physical needs of a nearly three-decade-old property and the expectations of today’s senior housing residents.

The redevelopment drew on a mix of federal and state resources targeted to affordable housing and building performance. Support came from the U.S. Department of Housing and Urban Development and the Maryland Community Development Administration, as well as Federal Low-Income Housing Tax Credits syndicated by Enterprise Housing Credit Investments. Additional funding support was provided through HUD’s Green and Resilient Retrofit Program and the Maryland Energy Administration, aligning the project with policy goals around sustainability and resilience in the affordable housing stock.

A project team with experience in multifamily and senior housing led the design and construction work. Mosely Architects served as the project architect, shaping the scope of interior and common area upgrades. Harkins Builders acted as the general contractor, overseeing the renovation and delivery of the modernized units and building systems. KCW served as civil engineer, supporting site and infrastructure needs related to the rehabilitation.

With construction complete and the community reopened, Enterprise Residential will assume responsibility for property management and resident services at Park Heights Place. The firm will oversee day-to-day operations and deliver support services for residents, reinforcing the property’s role as a stable, affordable housing option for seniors in Baltimore City.

Source:

Connect CRE
Share the Post:

Related Posts