The Housing Opportunities Commission of Montgomery County in Maryland paid $31.2m for a Low Income Housing Tax Credit portfolio. Totaling 268 units, all of the assets are currently 98 percent leased to tenants who are at least 62 years of age. Spread across three Washington, DC, suburbs, the portfolio includes the 102-unit Willow Manor at Clopper’s Mill in Germantown, the 101-unit Willow Manor at Fair Hill Farm in Olney and Willow Manor at Colesville, an 83-unit asset in Silver Spring. Greysteel worked on behalf of the unnamed seller.
“As with most properties developed with low income housing tax credits, this portfolio remains subject to extended use restrictions and will continue to provide residents, Montgomery County, and the State of Maryland with top quality affordable housing,” said Ari Firoozabadi, president and CEO of Greysteel.
