Reserve at Somerset Commons Phase II completes existing Reserve at Somerset Commons campus
Enterprise Community Development, Inc. announced today the financial closing for Reserve at Somerset Commons (Phase II), a new, mixed-income family apartment community in Princess Anne, MD and the second phase of the adjacent 75-unit family apartment community, Reserve at Somerset Commons (Phase I), completed in 2016. This second phase, which will have a total construction cost of $14 million, will be completed this fall.
Reserve at Somerset Commons II will provide a mix of 54 one-, two-, three-, and four-bedroom units in two new three-story garden apartment buildings. Of the 54 apartments, 48 will be available to families earning between 30% and 60% of Area Median Income (AMI) and six will be market-rate. The new apartments will be built on a site that enjoys easy access to the Princess Anne Transfer Point—a regional transportation hub, and is adjacent to healthcare, retail and restaurants, service providers, and major employers including the University of Maryland Eastern Shore.
Reserve at Somerset Commons II will complement the existing community by completing the circular drive and adding 108 parking spaces, along with the two new buildings. The community will be designed to promote energy efficiency and healthy living. The apartment units will include in-unit washer and dryers, Energy-star appliances, high-efficiency HVAC systems, and Energy Star windows. Residents of Reserve at Somerset Commons II will share existing amenities with Phase I, which include a clubhouse, fitness center, great room, and outdoor recreational and open space including a tot lot, multi-activity area, and walking paths.
AGM Financial Services, Inc. is providing the first mortgage. Additional financing is being provided by the Maryland Department of Housing and Community Development, Enterprise Community Investment, Inc., Enterprise Community Loan Fund, and the Federal Home Loan Bank of Atlanta.
Moseley Architects are the architects, and the general contractor is Harkins Builders, Inc. Property management will be provided by R Home Property Management, LLC.
Enterprise Community Partners is a proven and powerful nonprofit that improves communities and people’s lives by making well-designed homes affordable. We bring together the nationwide know-how, partners, policy leadership and investments to multiply the impact of local affordable housing development. Over 35 years, Enterprise has created nearly 529,000 homes, invested $36 billion and touched millions of lives. Join us at http://www.EnterpriseCommunity.org.
Enterprise Community Development (ECD) specializes in high-impact residential development, property management and resident supportive services. With 60 years of collective experience, ECD was formed in January 2020 through the combination of Enterprise Homes, Inc. and Community Preservation and Development Corporation. Setting high standards for community planning, affordable housing and a curated residential experience, ECD strives to continue leading innovative solutions in the Mid-Atlantic’s housing market. ECD’s legacy includes the development of more than 16,000 well-designed homes in over 100 communities across the Mid-Atlantic. ECD is part of the Enterprise family of companies.
