$70M Multifamily Property to Add to Affordable Housing Stable

LANDOVER, MD-The Glenmore Apartments community, a downtrodden 540-unit residential compound, has begun its journey to a new life with the destruction of the last remaining building on the 21-acre site. Developers Stavrou & Associates and Rellim Development will replace the now demolished market-rate development with a complex of 408 affordable housing units. The project will cost $67 million to realize.

Located at the intersection of 75th Ave. and Rte. 202, the Glenmore Apartments were developed in 1964. Owned by Lennar Atlantic MD VIII QA LP, the multi-structure property was assessed at a value of approximately $5 million before its demolition. Stavrou, which took over site control three years ago, just recently closed on the land purchase. When construction of the new Glenmore Apartments complex reaches completion in the Spring of 2006, it will feature 409 two- and three-bedroom units spread out among 30 structures, as well as such extra amenities as a community center, fitness facility, playground and swimming pool. Bozzuto Management Co. is on board to oversee management activities once the property is up and running.