November 19, 2019
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.\
About AHC Inc.
AHC Inc., a nonprofit developer based in Arlington, VA, builds and preserves affordable and mixed-income housing in Virginia, Maryland and Washington, DC. Since 1975, AHC has developed more than 8,200 apartments in the mid-Atlantic region, including 3,400 in Arlington. AHC’s Resident Services program reaches thousands of children, teens, adults, and seniors each year through onsite education and social service programs and activities.
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