AHC Press Releases
AHC Management LLC and Equity Management Form Baltimore Joint Venture
Arlington, VA – June 25, 2010 – AHC Management LLC, a subsidiary of AHC Inc., has entered into a joint venture with Laurel, MD-based Equity Management to manage five affordable apartment communities in Baltimore, MD. The five properties are owned by AHC Inc. and include 852 apartments.
“We have partnered with Equity since 2002 and are delighted to expand our joint venture to all of our current communities in Baltimore,” said Richard J. Leeds, President and CEO, AHC Management LLC. “Equity’s proven presence in the region will help us maintain our reputation for high-quality affordable living environments in Baltimore, while enabling AHC Management to focus on our Virginia portfolio of over 30 properties.”
The new partnership builds on the existing relationship between Equity and AHC Management, which includes a joint venture at Lansdowne (167 affordable apartments, 151 with Section 8 contracts) and a property management agreement at Greenspring Overlook (189 project-based Section 8 garden apartments). The three additional properties included in the new joint venture are MonteVerde (301 apartments for seniors and non-elderly disabled), Barclay Greenmount (139 project-based Section 8 apartments) and Franklin Square (72 apartments slated for renovation in early 2011).
Equity Management will work closely with Greater Baltimore AHC (GBAHC), AHC’s Baltimore-based office, which opened in 2004 to address the need for more affordable housing in the area.
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About AHC Management LLC
AHC Management LLC (AHCM) is a full service property management company specializing in multi-layered financed housing. AHCM’s portfolio of properties include affordable and market rate rental and condominium and cooperative communities. Founded in 2000, AHC Management is the for-profit subsidiary of AHC Inc., a major regional developer and owner of affordable multifamily housing in the mid-Atlantic region.
About Equity Management
Equity Management offers professional management services for over 13,000 residential properties in 9 states and the District of Columbia, and provides conventional, tax credit and HUD-insured expertise and experience. Areas of expertise include residential property management, senior housing, affordable housing, renovation program management, general contracting, and marketing.