Lowe launches affordable-housing platform
Lowe has launched Concord Communities, a Washington, D.C.-based affordable-housing owner and developer. It is actively pursuing development opportunities to create affordable-housing communities in the Mid-Atlantic region. Concord is also seeking opportunities to acquire existing properties that can benefit from rehabilitation and improved management.
The platform acquired four apartment properties with a total of 340 units in Northeast Baltimore. Walther Avenue Apartments, Hazelcrest Apartments and Northern Village Apartments are located within one mile of each other in Northeast Baltimore. Concord will immediately begin evaluating the properties and devise options for community improvements.
Walther Avenue Apartments, located at 6603 Walther Avenue and built in 1967, this 64-unit apartment community offers residences ranging from studio to two-bedroom floor plans across six three-story buildings. Walther Avenue is currently 95 percent occupied.