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Recent Transactions

A sampling of acquisitions and funding solutions in partnership with Montgomery County, MD. Affordable housing transactions (2015-2023)

The project sampling below demonstrates varied experience with property acquisition and deals leveraging affordable housing financing tools as well as operating and maintaining residential properties and working with low income and moderate-income households in Maryland.  Each deal demonstrates ORLO’s involvement in each project and what sources of debt and equity were leveraged to successfully acquire, renovate and/or develop.

Hampshire Tower Apartments

Takoma Park, MD 

Hampshire Tower Apartments was acquired by ORLO in 2015. Located in Takoma Park, MD, this asset is a 216-unit high-rise community with restricted affordability at 60% AMI.

To preserve affordability, ORLO entered into a Rental Agreement with Montgomery County. Pursuant to the agreement, the property has certain limitations in place on rent and rent increases in an effort to maintain the community as an affordable community at 60% AMI. Generally rent increases limited to CPI. Tenants who have resided at the property for an extended period have their rents limited to 30% of household income. Additionally, the property must maintain 30 very low-income tenants, whose rent will not exceed 30% of 40% of AM I. 

$6,000,000 Montgomery County (MD) Rehabilitation Funding Project 

In partnership with Montgomery County, ORLO is in the process of completing a 3-year phased capital improvement project for the community, including unit renovations, elevator replacements, major common area renovations, and new management offices. These renovations will transform this high-rise community and preserve affordable, safe, and healthy housing for its residents. 

Hampshire Towers Goes Solar

Hampshire is installing a rooftop solar project which will save significant money on utilities and provide long-term energy sustainability. This project is currently in the permitting stage.

Seneca Village Apartments

Gaithersburg, MD 

Seneca Village Apartments was acquired by ORLO in 2016 for $117,000,000. Located in Gaithersburg, MD, this asset is a 684-unit garden-style community, with 20% of the community rent restricted to 60% of AM I or less.


As part of the purchase, ORLO entered into an agreement with Montgomery County, through its Department of Housing and Community Affairs ("DHCA"), pursuant to which DHCA provided a low interest rate loan to ORLO to be used for property and unit renovation and ORLO agree to maintain 140 units as affordable.

Capital Imrovements

The property is extremely well-maintained, and significant capital improvements have been completed inside the units and throughout the property. Most units have been upgraded with new finishes, and all units have stackable washer/dryers, microwaves in the kitchen, and new windows, sliders, and balcony railings. 

Montgomery County / Green Bank Solar Partnership

In 2023, ORLO began installation of a 2.18 Megawatt solar array, the largest rooftop solar project at a multi-family property in Montgomery County.


As of February 2024, ORLO completed a new state-of-the-art amenity center for the community. 

You can read more about the solar upgrades here.

Woodvale Apartments

Silver Spring, MD 

Woodvale Apartments was acquired by ORLO in 2018 for 
$68,500,000. Located in Silver Spring, MD this asset is a 374-unit garden-style community and consists of restricted and naturally occurring affordable housing.


Montgomery County, MD partnered with ORLO on this acquisition, entering into a Regulatory Agreement pursuant to which the County made a $10,000,000 loan to ORLO, and in consideration of the loan, ORLO agreed to rent 75 units to households earning no more than 60% of AMI. 

Improving Affordability

In August 2023, ORLO and Montgomery County entered into an Amendment to the Regulatory Agreement, under which the County agreed to provide the property with a PILOT and ORLO agreed to extend affordability to 225 of the units, as follows:

10 units to households earning no more than 40% of AMI

15 units to households earning no more than 50% of AMI

90 units to households earning no more than 60% of AMI

110 units to households earning no more than 70% of AMI

The Lindley

Chevy Chase, MD 

The Lindley is a 200-unit Class-A apartment community in Chevy Chase, Maryland, that was owned by The Housing Opportunities Commission of Montgomery County (HOC).


The property was valued at $105,750,000, with FHA senior debt of $61,354,299 and HOC was seeking to replace their equity partner. HOC approached ORLO to acquire the preferred equity in the LLC that owned the property, and ORLO invested $31,600,000 in the preferred equity of the entity, with a 10-year term (matching the date that HOC was allowed to prepay the FHA loan). 

An Affordable Community

The property is an affordable housing community consisting of 130 market-rate units, 40 workforce housing units, which are required to be leased to low- and moderate-income families, and 30 moderately priced dwelling units (MPDU} required to be leased to eligible low-income families, and therefore should qualify for CRA credits. 

Scarborough Apartments

Rockville, MD 

Scarborough Apartments is a 121-unit community in Rockville, MD that was under contract to be purchased by Rockville Housing Enterprises ("RHE"), Rockville's local housing authority.


The property is an affordable housing community, with at least 48 units serving families with incomes at or below 60% of AMI. The appraised value of the property was $40,000,000. RHE and DHCA were looking for a capital partner and reached out to ORLO to assist and invest in the transaction. 

Deal Structure

The deal was structured with ORLO Scarborough Investors, LLC providing a first mortgage loan to RHE Scarborough Square, LLC in the amount of $33,000,000, with DHCA contributing $10,000,000 and RHE contributing $1,800,000 in subordinated debt. 

Project Terms

The mortgage loan had a 1-year term, with a 1-year extension option. At the end of the 1- or 2-year mortgage loan term, RH E will refinance ORLO's loan, and the amount of ORLO's loan left outstanding {projected to be $8mm-$9mm) will convert to preferred equity in the entity with a 49% ownership in the property. 

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