Oakton is a 390-unit market rate family property in Adelphi, Maryland. Using HUD’s Section 221d4 Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $37,273,000 with a 40-year term with a three-year lock-out period. Total project costs are approximately $117,000 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 104 one-bedroom, 228 two-bedroom, 107 three-bedroom units. Oakton Apartments is part of a three-property campus known as Hampton on the Park which includes Oakton Terrace and Park Hampshire Apartments.
