Lutherville-based MacKenzie Commercial Real Estate Services has brokered the sale of 5.3 acres of land in the Odenton Town Center of Anne Arundel County for $3.75 million to Conifer Realty, LLC, a Rochester, New York-based company specializing in the development and management of multifamily housing units throughout New York, New Jersey, Pennsylvania and Maryland.
The previous owner was the EL Gardiner family in Annapolis. Conifer Realty will develop two buildings, containing approximately 150 workforce rental units on the site fronting MD Route 175. David McClatchy, of MacKenzie Commercial Real Estate Services, LLC represented both parties in this sales transaction.
The land fronts 1566-1580 Annapolis Road and is adjacent to the Seven Oaks Shopping Center and MD Route 32. Severn is approximately five miles from the site, Crofton is approximately 10 miles away and downtown Annapolis can be accessed in approximately 20 miles.
Workforce housing is the typical solution for middle-income workers to buy or rent housing in areas where they work. It is most often used by public service workers such as teachers, police officers and fire fighters that earn wages that cannot keep pace with the rising cost of housing in their area. According to McClatchy, the Maryland Department of Housing and Community Development (DHCD) administers programs that offer tax credits and other financial incentives to development groups engaged in this asset class.
Development work is expected to commence on the site this fall with delivery scheduled for late 2023.
Conifer Realty also maintains regional offices in Long Island, Mount Laurel, New Jersey and Columbia. Founded in 1975, the company has constructed more than 15,000 multifamily residential homes throughout more than 200 communities.