Dec 12

Pennrose Celebrates Grand Opening of Pointe View at Aspen Hill in Maryland

Pennrose celebrated the grand opening of Pointe View at Aspen Hill in Silver Spring, Maryland. Located at 3136 Bel Pre Road, the new high-quality, mixed-income community delivers 120 units of affordable housing and on-site supportive services for seniors in Montgomery County.

Speakers at the event included Pastor Steve Murphy, Senior Pastor, Wheaton Seventh-day Adventist Church; Marc Elrich, County Executive, Montgomery County, MD; Vaughn M. Stewart III, State Delegate – District 19; Stacy Spann, Executive Director, Housing Opportunities Commission; Matthew Heckles, Assistant Secretary, Maryland Department of Housing and Community Development; Greg Farno, Market Executive, SunTrust; Kimmel Cameron, Vice President, Acquisitions/Underwriting, Hudson Housing Capital LLC; and Ivy Carter, Regional Vice President, Pennrose.

Situated on nearly six-acres, Pointe View at Aspen Hill includes 61 one- and 59 two-bedroom apartments for individuals age 62 and older. Of the 120 total apartments, 108 units are set aside for residents at 30-60% of the Area Median Income (AMI), with 62 units designated as very low income.

Pennrose has partnered with The Senior Connection, a nonprofit organization dedicated to preserving and fostering independence, mobility and quality of life for seniors, to provide on-site supportive services. Residents will have access to a variety of programs and resources to help maintain and prolong their ability to live independently, such as transportation resources, a grocery shopping program, and assistance with bills and household paperwork.

“Pennrose is proud to open the doors of Pointe View at Aspen Hill and welcome our first residents into their new homes,” said Ivy Dench-Carter, Regional Vice President at Pennrose. “Through our partnership with The Senior Connection and carefully selected amenities and apartment features, we created a high-quality community where residents can age in place successfully and live full, vibrant lives.”

Featuring open floor plans with oversized windows, all apartments offer a modern kitchen with dishwasher, large closets, ceramic-tiled baths, and individually controlled heating and cooling. The development is designed to be energy-efficient and pet-friendly, with on-site community amenities including a walking path, outdoor patio, fitness center, business center, community room, hair salon, game room, computer room, and parking.

Pointe View at Aspen Hill is served by both the Montgomery County Transit Ride-On and WMATA bus lines, providing residents with convenient access to retail, dining, entertainment, health care and the county’s largest senior center. The development is also located close to the Layhill Shopping Plaza and Plaza Del Mercado.

Financing for the project includes $16.2 million in tax credit equity from SunTrust from credits provided by MDDHCD-CDA, $1.7 Million from Montgomery County DHCA, and $8.4 million in conventional permanent debt.

Pennrose has a long track record of developing affordable communities for seniors throughout the country, including Bensalem Veteran Residences in Pennsylvania, Haven Green in New York, Stoneridge Villas in Alabama, and Terraces at the Park in Georgia. Most recently, Pennrose developed Weinberg Commons, a brand new 55+ rental community in Cherry Hill, New Jersey.

Posted In Real Estate & Related Services