CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has acquired Villas at Greenview West and Park Villas, two affordable apartment communities in St. Mary’s County.
The Maryland-based communities are situated within 3.4 miles of each other, just east of St. Mary’s River State Park, and offer a combined 304 apartment homes. Villas at Greenview West, in Great Mills, consists of 160 two- and three-bedroom homes. Park Villas, in nearby Lexington Park, features 144 one- and two-bedroom units. CAPREIT, which made the acquisitions in conjunction with Enterprise Capital, will renovate each community.
“The California-Lexington submarket is very steady, and we’re excited to join the area and start making a difference in the push for quality affordable housing,” said Ernie Heymann, chief investment officer for CAPREIT. “We believe our upgrade measures will significantly improve these communities, and the submarket will undoubtedly benefit from an increase to the 2019 federal military budget, which will drive job growth and, subsequently, housing demand.”
The nearby Patuxent River Naval Air Station and the area’s pronounced government presence play large roles in the local economy, which features a median household income of $87,000 per year. A lack of supply of quality affordable housing is one of the area’s primary challenges, and CAPREIT is keenly focused on addressing the issue.