Northern Liberties and Equity Resource Investments Acquire Senior Housing Community in Maryland
Northern Liberties, in partnership with Equity Resource Investments, has announced the acquisition of Arbor Crest, an 80-unit active adult apartment community located in Silver Spring, Maryland.
Originally built in 2004, Arbor Crest offers one- and two-bedroom apartments specifically designed for adults aged 62 and older. The community features amenities that promote an active and engaged lifestyle, and its location just outside Washington, D.C. provides residents with convenient access to one of the region’s most dynamic suburban markets.
As part of the acquisition, Northern Liberties has entered into a long-term agreement with Montgomery County under its Payment In Lieu of Taxes (PILOT) program. The PILOT structure will abate all county property taxes for a 20-year period in exchange for preserving rent affordability for residents earning between 45% and 70% of the area median income.
“By pairing public incentives with targeted capital upgrades and resident-focused services, we believe we can create value for both residents and the property,” said Sharif Mitchell, Co-Founder and CEO of Northern Liberties.
The acquisition highlights a growing trend of investment in high-quality, affordable housing options for older adults in accessible metropolitan areas.
