On Thursday, real estate crowdfunding platform Small Change announced the launch of its latest offering. Marlboro Pike, which is located just outside Washington D.C., is seeking $442,000 to renovate and increase bedroom count of 21 of the 44 affordable housing units. The complex is also incorporating solar panels to power 95% of the project’s energy needs.
The project’s description reads:
“Marlboro Pike is a 44-unit, multi-family residential apartment complex located in Capitol Heights, Prince George’s County, Maryland, less than a mile from the District of Columbia. The property sits along a major, neighborhood-connecting arterial and consists of two buildings, with four separate addresses and entrances. The developer plans to upgrade the cash flow, efficiency and value of the property in a number of ways, including significant energy efficiency upgrades (covering all of the roofs with solar arrays) and by increasing the bedroom count of all the currently over-sized units.”
It was also noted that the current unit mix is made up of four three-bedroom units, 22 one-bedroom units, and 18 two-bedroom units. The building itself was constructed in the 1970s and is notably in good condition.
“The neighborhood is highly developed, with a mix of older retail and commercial buildings and single-family and multi-family homes. Scattered among these are newer infill commercial, retail and neighborhood or regional shopping centers. It is a low-income census tract and is included in the Prince George’s County’s Transforming Neighborhoods Initiative, an effort to improve the quality of life in target neighborhoods by focusing on economic, health, public safety, and educational opportunities.”
While sharing details about the project, Chris VanArsdale of VNV Development, who is overseeing the project, stated:
“This project dramatically improves the quality of the housing stock, enhances sustainability, and makes the community safer, while preserving its affordability in an increasingly unaffordable market.”
The investment is anticipated to be returned within a year and is currently offering a return of 10%. Since its launch, the campaign has secured $45,000 from 4 investors. It is set to close later this spring.
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