{"id":1004127288,"date":"2015-09-11T10:35:23","date_gmt":"2015-09-11T18:35:23","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=360625"},"modified":"2020-04-23T06:05:40","modified_gmt":"2020-04-23T14:05:40","slug":"annapolis-project-based-section-8-community-lands-new-owner","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/annapolis-project-based-section-8-community-lands-new-owner\/","title":{"rendered":"Annapolis Project-Based Section 8 Community Lands New Owner"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

\"Timothy<\/a><\/p>\n

Greysteel<\/a> is keeping busy in the Baltimore-Washington area. The D.C.-based investment services firm has arranged the sale of another apartment community in the region.<\/p>\n

Annapolis\u2019 Timothy House and Gardens, an 81-unit, project-based Section 8 community, is Greysteel\u2019s latest \u201cvictim\u201d. Homes of America purchased the asset for an undisclosed price. The name of the seller also remained undisclosed but, according to PropertyShark<\/a>, the former owner was Timothy J LLC & Timothy\u2019s LLC Et Al, an entity that shares the same address as The Severn Companies. A quick search on the latter company\u2019s website revealed that it was indeed the former owner. PropertyShark also indicates that The Severn Companies<\/a> purchased Timothy House and Gardens in 2005, for $4.2 million. Its current market value is a little over $4 million.<\/p>\n

Greysteel\u2019s Mid-Atlantic multifamily investment sales team represented both the buyer and the seller in the transaction. It included Ari Firoozabadi, John F. Mullen, W. Kyle Tangney, Mike Bediones, Jake Ying, and Alicia Orkisz.<\/p>\n

Timothy House and Gardens is located at 29 W Washington St., right in the heart of Annapolis. The property has operated since 1979 under a project-based Section 8 HAP contract, which guarantees housing assistance payments to owners on behalf of low-income tenants. It features 60 one-bedroom units reserved for elderly and disabled residents, and 21 three-bedroom units not restricted by age.<\/p>\n

\u201cUpon the completion of the HAP contract in 2019, ownership has the ability to opt out of the Section 8 program and redevelop the property for another use,\u201d Greysteel Senior Director John Mullen said in a statement. \u201cThe opportunity to purchase Timothy House and Gardens to maintain the affordability of the property long-term aligned perfectly with Homes for America\u2019s mission.\u201d<\/p>\n

Photo credit: Greysteel<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A project-based Section 8 community has changed hands this month.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21742],"tags":[],"class_list":["post-1004127288","post","type-post","status-publish","format-standard","hentry","category-baltimore","category-latest"],"acf":[],"yoast_head":"\nAnnapolis Project-Based Section 8 Community Lands New Owner - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/annapolis-project-based-section-8-community-lands-new-owner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Annapolis Project-Based Section 8 Community Lands New Owner\" \/>\n<meta property=\"og:description\" content=\"A project-based Section 8 community has changed hands this month.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/annapolis-project-based-section-8-community-lands-new-owner\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-11T18:35:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-23T14:05:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/IMG_0813-Edit.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/annapolis-project-based-section-8-community-lands-new-owner\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/annapolis-project-based-section-8-community-lands-new-owner\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Annapolis Project-Based Section 8 Community Lands New Owner\",\"datePublished\":\"2015-09-11T18:35:23+00:00\",\"dateModified\":\"2020-04-23T14:05:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/annapolis-project-based-section-8-community-lands-new-owner\\\/\"},\"wordCount\":292,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/annapolis-project-based-section-8-community-lands-new-owner\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/09\\\/IMG_0813-Edit.jpg\",\"articleSection\":[\"Baltimore\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/annapolis-project-based-section-8-community-lands-new-owner\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/annapolis-project-based-section-8-community-lands-new-owner\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/annapolis-project-based-section-8-community-lands-new-owner\\\/\",\"name\":\"Annapolis Project-Based Section 8 Community Lands New Owner - 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