Tuesday
Jun192012

Park Hampshire

Park Hampshire is a 229-unit market rate family property in Adelphi, Maryland. Using HUD's Section 221d4 Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $20,142,000 with a 40-year term with a three-year lock-out period. Total project costs are approximately $122,000 per unit which include $32,300 per unit in construction costs. The project involves new HVAC, kitchens, baths, upgraded electrical service, energy-saving light fixtures, card-access entry systems, and co-axial cable. The project includes 5 studios, 88 one-bedroom, 134 two-bedroom, 2 three-bedroom units. Park Hampshire is part of a three-property campus known as Hampton on the Park which includes Oakton Terrace and Oakton Apartments.

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