Building Partnerships was selected by a tenant group to purchase a 7 unit townhouse project in Takoma Park, Maryland to allow for some of the existing tenants to purchase their home. Using creative financing including equity sharing and an owner take back, two of the original owners are expected to gain homeownership. Other tenants obtained sizable buyouts.
Takoma Park is one of the most tenant friendly jurisdictions in the DC area and thus the condo conversion of the seven units, requiring a full renovation and elaborate landscaping, decks and fencing was a complex undertaking. The townhouses proved popular in the market with not a single "call back" for work after the initial closing. Typical prices for the 3 bedroom townhouses were approximately $425,000.