$42M acquisition provides increased affordability near Metro and future Purple Line
SILVER SPRING, MD (December 1, 2025) — Affordable Homes & Communities (AHC) and BrookWynn Capital have acquired The Premier, a 160-unit apartment building in downtown Silver Spring, converting 80 market-rate apartments to serve lower-income individuals and families, plus committing 20 units to workforce housing rent levels, creating a truly mixed-income community.
Built in 2014, The Premier is located at 8711 Georgia Avenue, five blocks from the Silver Spring Metro Station. The community has studio, 1-bedroom, and 2-bedroom homes.
What This Means for Residents
Under the new ownership, rents will be lowered for income-qualifying residents while no current residents are displaced. The building will offer Resident Services for the first time, providing enhanced support for both existing and future households.
By reducing rents for existing rent-burdened residents and providing future housing opportunities that may otherwise be unobtainable for a combined 100 households, the project will help families redirect income toward essentials like groceries and healthcare. The Premier will now have:
- 80 units for households earning 60% of Area Median Income or less ($78,720 annually for a two-person household, $98,340 for a family of four)
- 20 units for households earning 80% AMI or less ($85,450 annually two-person household, $106,800 for a family of four)
- 40 existing market-rate units as well as 20 existing affordable Montgomery County MPDU units
“Deals like this are rare. We’re actually increasing affordable housing, not just fighting to keep what exists. We’re proud to partner with BrookWynn Capital and all our finance partners to make this vision a reality,” said Paul Bernard, AHC President & CEO. “Half of these apartments at The Premier will now serve individuals and families who need them most — aligning with our mission to keep residents at the heart of everything we do.”
“Our partnership with AHC is built on a shared commitment: preserving and creating affordable housing where families can thrive,” said Calvin V. Jones III, Founder & CEO of BrookWynn Capital. “Working with Montgomery County, we’re delivering tangible results — 100 households will see reduced monthly rent, which means more resources for groceries, healthcare, and building their future.”
Location and Access
The Premier sits within walking distance of the Silver Spring Metro Station and the future Purple Line, a 16-mile light rail line that will connect residents to jobs, education, and services throughout the region.
The property also includes Wells Fargo as a commercial tenant, adding stability and value to this mixed-income, mixed-use community.
About the Transaction
The $42.3 million acquisition was financed through equity from JPMorgan Chase via National Equity Fund (NEF), a nonprofit multifamily, affordable, real estate investment manager, and a Fannie Mae loan arranged by CBRE. Montgomery County’s Payment In Lieu Of Taxes (PILOT) program also enabled the transaction. The acquisition includes a dedicated $553,266 for property improvements.
“Collaboration and intentionality are two of our core values,” said Mark Migliacci, VP of Structured Finance at NEF. “This acquisition emphasizes these values as we worked creatively with investors, counsel, AHC, and BrookWynn Capital to create new, affordable units from an existing market-rate property.”
About Affordable Homes & Communities (AHC)
AHC is a nonprofit developer that creates and preserves affordable and mixed-income housing in Maryland, Virginia, and Washington, D.C. Since 1975, AHC has developed more than 8,700 apartments in 55 communities. AHC builds opportunity by creating quality homes with holistic resident services. AHC connects residents of all ages with onsite services that help transform lives, provide housing stability, and advance the economic resiliency of entire communities.
About BrookWynn Capital
BrookWynn Capital, an emerging minority owned and led multifamily investment firm , focused on the preservation of affordable and workforce housing assets. BrookWynn acquires existing cash-flowing assets with a regulated value-add and/or core + investment strategy within emerging neighborhoods throughout the Mid-Atlantic.
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