Enterprise Community Development closes on purchase of Naples Manor
BALTIMORE, MD — Enterprise Community Development, Inc. (ECD) closed on the purchase last month for Naples Manor, a community of 64 townhomes in Silver Spring, Montgomery County. ECD plans to preserve the $16 MM community as affordable housing in this community of opportunity offering access to jobs, high-rated schools, recreation and more.
Built in 1988 as moderately priced dwelling units, the townhomes are each 2,100 s/f, comprising of three large bedrooms, three and a half baths and a finished lower level. Single family detached homes in the community are priced between $550,000 to over $700,000 but rents for Naples Manor townhomes will be kept affordable for households earning 65% or less of the area median income.
Located in the Cloverly neighborhood of Silver Spring, residents have easy access to highways that make it an easy commute to all major employment centers within the region. Residents also have ample options for highly ranked school districts. Cloverly Elementary School is within half a mile, and Briggs Chaney Middle School and James Hubert Blake High School are within two miles. Cloverly sits on Maryland highway 650 and just North of highway 200, providing easy access to I-95.
The total acquisition cost for Naples Manor was $17.6 million. Financing was provided by Fulton Bank and Montgomery County Department of Housing and Community Development.
Enterprise Community Partners is a proven and powerful nonprofit that improves communities and people’s lives by making well-designed homes affordable and connected to opportunity. As a social enterprise, we bring together the nationwide know-how, policy leadership, partners, donors and investors to multiply the impact of local affordable housing development. Over more than 35 years, Enterprise has created 662,000 homes, invested nearly $53 billion and touched millions of lives.