(November, 2019 – Arlington, VA) AHC has acquired Brookside View, a 48-unit apartment community four miles east of downtown Gaithersburg in Montgomery County.
The approximately $6.1 million total development cost was financed completely with private funds, including AHC’s own acquisition funds. No public dollars were used to purchase the property. With Brookside View’s rents currently between 50% to 60% of the area median income (AMI), AHC’s purchase will preserve the existing housing affordability and ensure rents will remain stable.
AHC plans to moderately update the 1980s garden-style apartment community. Initial capital improvements will include installing water- and energy-saving appliances and fixtures, replacing aging heating and cooling systems and water heaters, and improving exterior areas of the property.
AHC owns seven properties in Montgomery County that provide nearly 1,300 affordable apartments.
Founded in 1975, AHC Inc. is a nonprofit developer of affordable housing in the mid-Atlantic region that provides quality homes and education programs for low- and moderate-income families. Based in Arlington, VA, AHC has developed more than 7,000 apartment units in 50+ properties in Virginia, Maryland and Washington, DC. AHC’s Resident Services program reaches 3,000 children, teens, adults and seniors each year through onsite education programs and activities.