PRINCESS ANNE, MD — Enterprise Community Development, Inc. announced the financial closing for Reserve at Somerset Commons (Phase II), a new, mixed-income family apartment community in Princess Anne and the second phase of the adjacent 75-unit family apartment community, Reserve at Somerset Commons (Phase I), completed in 2016. This second phase, which will have a total construction cost of $14 million, will be completed this fall.
Reserve at Somerset Commons II will provide a mix of 54 one-, two-, three-, and four-bedroom units. Of the 54 apartments, 48 will be available to families earning between 30% and 60% of Area Median Income (AMI) and six will be market-rate. The new apartments will be built on a site that enjoys easy access to the Princess Anne Transfer Point—a regional transportation hub, and is adjacent to healthcare, retail and restaurants, service providers, and major employers including the University of Maryland Eastern Shore.