MacKenzie Brokers Sale of Site Fronting MD 175 in Odenton; Slated for Workforce Rental Units
New owner, Rochester, New York-based Conifer Realty, maintains regional offices in Columbia and has developed more than 15,000 multifamily homes in Mid-Atlantic region
MacKenzie Commercial Real Estate Services has brokered the sale of 5.3 acres of land in the Odenton Town Center of Anne Arundel County, Maryland to Conifer Realty, LLC, a Rochester, New York-based company specializing in the development and management of multifamily housing units throughout New York, New Jersey, Pennsylvania and Maryland. The previous owner was the EL Gardiner family in Annapolis, Maryland. Conifer Realty will develop two buildings, containing approximately 150 workforce rental units on the site fronting MD Route 175. David McClatchy, of MacKenzie Commercial Real Estate Services, LLC represented both parties in this sales transaction.
The land fronts 1566-1580 Annapolis Road and is adjacent to the Seven Oaks Shopping Center and MD Route 32. Severn is approximately five miles from the site, Crofton is approximately 10 miles away and downtown Annapolis can be accessed in approximately 20 miles.
“Because this site is within a retail corridor in Anne Arundel County, it was generally assumed it was for that use, which is why it languished and sat vacant for many years,” explained David McClatchy of MacKenzie Commercial Real Estate Services. “We creatively matched this site with a highly-experienced niche workforce residential development group, which enabled the site to reach its full potential, while also providing a use that is traditionally underserved.”
Workforce housing is the typical solution for middle-income workers to buy or rent housing in areas where they work. It is most often used by public service workers such as teachers, police officers and fire fighters that earn wages that cannot keep pace with the rising cost of housing in their area. According to McClatchy, the Maryland Department of Housing and Community Development (DHCD) administers programs that offer tax credits and other financial incentives to development groups engaged in this asset class.
“Anne Arundel County officials have been generally unreceptive to new residential development proposals in the county for the past several of years, but workforce housing is viewed in a far different and positive light,” McClatchy explained. “There exists a strong recognition of the benefits and on-going need for this residential housing class, in order to provide opportunities for those workers that contribute so much to the greater good in our communities.”
Development work is expected to commence on the site this fall with delivery scheduled for late 2023.
Conifer Realty also maintains regional offices in Long Island; Mount Laurel, New Jersey and Columbia, Maryland. Founded in 1975, the company has constructed more than 15,000 multifamily residential homes throughout more than 200 communities.
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates six full-service divisions addressing all real estate asset classes including MacKenzie Management Company, LLC, MacKenzie Contracting Company, LLC, MacKenzie Capital, LLC, MacKenzie Investment Group and Datastory Consulting. The company provides customized real estate solutions for institutional owners, investors, private companies and individuals. For additional information, visit www.mackenziecommercial.com