Lowe Launches Affordable Housing Platform, Concord Communities, with Acquisition of Baltimore Apartment Portfolio | Financial Buzz

Lowe Launches Affordable Housing Platform, Concord Communities, with Acquisition of Baltimore Apartment Portfolio

Concord Communities, a Washington DC-based affordable housing owner and developer, has acquired four apartment properties with a total of 340 units in Northeast Baltimore, Maryland. Walther Avenue Apartments, Hazelcrest Apartments and Northern Village Apartments are located within one mile of each other in Northeast Baltimore. Concord will immediately begin evaluating the properties and devise options for community improvements.

Concord Communities, a wholly-owned affiliate of national real estate investor manager and developer Lowe, is actively pursuing development opportunities to create affordable housing communities in the Mid-Atlantic region. Concord is also seeking opportunities to acquire existing properties that can benefit from rehabilitation and improved management.

“Concord is dedicated to creating quality homes in welcoming communities that address the housing shortage faced by area residents,” said Mark Rivers, Executive Vice President of Lowe and Concord Communities. “Contributing positively to our communities is one of our company’s foundational values. Drawing upon our expertise, partnerships and alliances we believe we can go beyond housing to provide enhanced living experiences and provide desirable communities for area residents at an affordable cost.”

Concord’s acquisition consists of:

  • Walther Avenue Apartments, located at 6603 Walther Avenue. Built in 1967, this 64-unit apartment community offers residences ranging from studio, to two-bedroom floor plans across six three-story buildings. Walther Avenue is currently 95 percent occupied.
  • Hazelcrest Apartments, located at 5717 Plainfield Avenue, was built in 1965. The 48-unit apartment community features two-bedroom apartment units across eight, two-story buildings. Hazelcrest is currently 95 percent occupied.
  • Northern Village Apartments East and West, located at 6623 Pioneer Drive, was built in 1972 and consists of 228 units in total. The communities will offer a mix of one-, two-, and three-bedroom floor plans across twenty-three, two-story buildings. The Northern Village property is currently 97 percent occupied.

Ralph Crozier led the acquisition on behalf of Concord Communities and Christine Espenshade of Newmark Knight Frank represented the seller.

About Concord Communities

Concord Communities. a wholly-owned subsidiary of national investor, developer and manager Lowe, was founded in 2020 on the belief that responsible, insightful, empathetic community development and redevelopment is the optimal method to make cities better places to live and work.

Concord is dedicated to increasing the production of quality affordable housing. Extensive new financial commitments from banks, cities, states and social investment groups enhance Concord’s ability to leverage resources to realize a collective vision. Concord applies its expertise, partnerships and alliances to provide enhanced living experiences and go beyond housing for its residents, its communities and its partners.

Concord applies its real estate expertise, and collective efforts to expedite filling our nation’s need – and demand – for affordable housing communities that will connect people and place and improve the lived experience for those they serve. For more information visit www.concordcommunities.com

About Lowe

Lowe, formerly known as Lowe Enterprises, is a leading national real estate investment, development and management firm. Over the past 49 years, it has developed, acquired or managed more than $32 billion of real estate assets nationwide as it pursued its mission to build value in real estate by creating innovative, lasting environments and meaningful experiences that connect people and place. Lowe currently has more than $2 billion in commercial real estate projects in the pipeline or under development. Lowe has been active in the Mid-Atlantic since 1980. In addition to its Los Angeles headquarters, Lowe maintains regional offices in Southern California, Northern California, Charleston, Denver, Seattle, and Washington, DC. For more information visit www.Lowe-RE.com .

Contacts

Media:

Karen Diehl

Diehl Communications

310-741-9097

Karen@DiehlCommunications.com