Donaldson Impact Investments has teamed up with Affordable Homes & Communities (AHC) to purchase Country Place Apartments in Burtonsville, Maryland. This acquisition marks the first for Donaldson Impact Investments and showcases their innovative partnership with AHC. According to Kevin H. Smith, co-founder and managing partner of Donaldson Impact Investments, this investment is a strategic move that aligns perfectly with their mission of acquiring and preserving affordable housing options.
The 312-unit property will see 172 homes designated as dedicated affordable units under the management of AHC who will also implement community programs for residents. This deal stands out as it is the only one executed through the By-Right Payment in Lieu of Taxes (PILOT) program while also utilizing market rate equity provided by New York Life and Declaration Partners – a private investment firm led by David M. Rubenstein.
Overall, this $63 million acquisition reflects Donaldson Impact Investment’s commitment to lowering operating costs, improving living conditions for tenants, and delivering value for investors through long-term investments like this one.