Osprey Property Company and Glade Valley Community Services are pleased to announce that construction is underway on Victoria Park at Walkersville. The 80 unit apartment community for independent adults 62+ will be located within the town limits of Walkersville, just north of Frederick, Maryland. Pastor, Gerald Hanberry said, “We are excited about working with Osprey to bring this much needed affordable housing to the Walkersville/Glade Valley area. This new venture will serve to expand our outreach as well as invigorate the work of GVCS, Inc.”
Frederick County is one of Maryland’s fastest growing counties and has experienced rising housing costs. The new community will offer affordable, attractive and carefree housing to moderate income residents earning 60% or less of the Area Median Income. Victoria Park’s location at the intersection of Route 194 and Sandstone Drive will provide quick access to local shopping and personal and medical services.
The original 6.5 acre site was subdivided into three lots — Chevy Chase Bank and a small retail center will be located on the two lots fronting Route 194 with a private drive off of Sandstone Drive. Victoria Park will consist of 4.5 acres and will be accessed from a second entrance off of Sandstone Drive leading into the parking lot.
The one and two bedroom apartments will include full kitchens with abundant cabinets and countertop space, refrigerator, range, garbage disposal and dishwasher. They also will include wall to wall carpeting, individually-controlled heating and air conditioning and washer & dryer hookups. The community will offer many services and amenities to the residents including a large community room for activities and events, health and wellness seminars and programs, game room, theater, computer area and fitness center.
One bedroom apartments will range in size from 657 to 688 square feet with estimated rents of $575 to $745 per month. Two bedrooms apartments will range in size 860 to 1040 square feet with estimated rents of $675 to $1000 per month.
Osprey Property Company is an award-winning developer based in Annapolis, Maryland. Osprey was named Developer of the Year by Maryland Governor Bob Ehrlich at the Workforce Housing Conference on October 19, 2005. This award recognizes outstanding projects and programs that furthers the mission of the Department of Housing and Community Development to revitalize communities, encourage homeownership and expand workforce/affordable housing opportunities. Glade Valley Community Services coordinates a variety of existing local community activities for the benefit of individual and families in need. It is a coalition of over 20 area churches with volunteers in the Walkersville area which operates a food bank, relief fund and thrift shop, among other charitable activities. GVCS will also act as resident services advisor/provider for the community.
Project financing includes $6.42 million in federal affordable housing tax credits awarded by Maryland Housing & Community Development which yielded $5.92 million in equity from MMA Financial Services; $1.5 million in Maryland Elderly Rental Housing Funds; and a $5.35 million construction loan from Branch Banking & Trust.
Other team members include Harris Smariga, civil engineer; Grimm + Parker, architect, Harkins Builders, general contractor; and Habitat America, property manager.
For more information contact Osprey at info@ospreypc.com.