Hudson Valley Property Group (HVPG) on Friday announced the acquisition and planned redevelopment of Sharp-Leadenhall Apartments, a 191-unit affordable housing development in Baltimore, for $21.7 million.
HVPG plans to execute $1.8 million in renovations to upgrade Sharp-Leadenhall Apartments while maintaining affordability for residents.
Located at 911 Leadenhall St. in downtown Baltimore, the 191-unit property houses low-income residents through a complex mix of a HUD project-based Section 8 Contract, tenant based Section 8 vouchers, a HUD Section 236 Use Agreement, and existing low-income housing tax credit (LIHTC) income restrictions.
The acquisition was financed through an equity investment from Hudson Valley Preservation Fund II (HVPF II) and debt financing from Freddie Mac through PGIM Real Estate.
Planned renovations include significant upgrades to common areas such as new furniture, paint, flooring, kitchen appliances and cabinetry; lobby upgrades; laundry room improvements; and an outdoor refresh targeting the building façade and functional landscaping; as well as security enhancement and tenant programing informed by the unique needs of the residents.
Through its third-party property manager, Community Realty Management (CRM), HVPG will oversee all aspects of property operations, including general and preventative maintenance and emergency repairs, comprehensive financial reporting, recertification of tenants, collections, marketing, and tenant relations. Additionally, HVPG and CRM will provide a range of resident services tailored to the needs of the community.
The property was purchased from Evergreen Partners with the support of CBRE as broker.
Sharp-Leadenhall is HVPG’s fourth acquisition in the City of Baltimore for a total of approximately 650 units of low-income housing preserved by HVPG in the community. To date, HVPG has preserved more than 9,500 units of affordable housing nationwide.