Dantes Community Partners and the Urban Investment Group within Goldman Sachs Asset Management acquired The Verona at Landover Hills in a joint venture. The 727-unit property, located in Prince George's County, MD, represents the third acquisition of the NORE Fund I, LP, a newly formed fund managed by Dantes Partners and their co-development firm. Additionally, the transaction represents an investment towards Goldman Sachs' One Million Black Women initiative, a $10 billion investment strategy to narrow opportunity gaps for Black women in the next decade.
The property operated as a market-rate community but entered into a Rental and Regulatory Agreement with Prince George's County Department of Housing & Community Development at closing. New affordability restrictions were placed on the property upon acquisition.
Walker & Dunlop, Inc. structured $105 million in financing for the transaction through Fannie Mae's Multifamily Affordable Housing platform.
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