Victoria Park at Walkersville Wins 2008 Rental Housing Sustainability Award
Victoria Park at Walkersville, a partnership between, Osprey Property Company and Glade Valley Community Services, received the Commitment to Excellence 2008 Award for Rental Housing Sustainability for the 80 unit affordable senior community located in Walkersville, Frederick County. Brian Lopez, Vice President, accepted the award from DHCD Secretary, Raymond Skinner, at the Governor’s Annual Housing Conference held at the Baltimore Convention Center on December 9, 2008.
“These awards are a great way to highlight the amazing work of Maryland’s housing and community development advocates, and I congratulate all the winners,” said Secretary Skinner. “They truly are committed to excellence, and their dedicated partnership has supported DHCD’s mission.”
Victoria Park is located in Frederick County which is one of Maryland’s fastest growing counties and has experienced rising housing costs. The new community offers 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 provides 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 include full kitchens with abundant cabinets and countertop space, refrigerator, range, garbage disposal and dishwasher. They also include wall to wall carpeting, individually-controlled heating and air conditioning and washer & dryer hookups. The community offers 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 range in size from 657 to 688 square feet with rents ranging from $605 to $750 per month. Two bedrooms apartments range in size 860 to 1040 square feet with rents ranging from $710 to $1030 per month.
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.
Members of the project team include Harris Smariga, civil engineer; Grimm + Parker, architect, Harkins Builders, general contractor; and Habitat America, property manager.
In addition to receiving several other awards for outstanding affordable rental communities over the past few years, Osprey Property Company was named 2005 Maryland Developer of the Year, by Gov. Robert Ehrlich.