BrookWynn Capital, a Black-owned multifamily investment firm, and SHIFT Capital, an industry leading neighborhood investment group, are excited to announce the acquisition and planned improvements of Capitol Square Apartments at 4008 38th Street in the heart of Brentwood, Maryland. Capitol Square, a 118-unit apartment community, is located roughly six miles outside of Washington, DC, in the Gateway Arts District along the US Route 1 corridor, a vital connection between Northeast DC and the University of Maryland in College Park, Maryland.
Capitol Square continues BrookWynn and SHIFT’s commitment to preserving and improving housing opportunities for low-and moderate-income families throughout the country. The mixed-income community at Capitol Square provides quality affordable, workforce housing as 65% of its units have been designated for families earning between 40-60% AMI.
Capitol Square is set to undergo a comprehensive renovation with plans to upgrade 77 units on a rolling basis, all while ensuring current residents remain secure in their homes without being displaced. Renovations are designed to enhance the quality of housing options, add energy efficient upgrades, provide much needed safety and security enhancements, and create resident gathering spaces.
“We’re not just upgrading buildings; we’re improving the quality of life of residents in an emerging corridor within Prince George’s County,” said BrookWynn Capital Founder and CEO Calvin Jones. “From interior enhancements to exterior improvements, we’re prioritizing residents’ safety and comfort. Our three pronged approach also addresses operational efficiencies and community building, while also promoting the participation of 80% MWBE vendor spend.”
BrookWynn and SHIFT have committed to lofty project inclusionary goals for hiring local and Minority Business Enterprises and Women Business Enterprises to support and execute on Capitol Square. Eighty to ninety percent of the extended team of vendors are minority- and/or women-owned businesses.
The $21 million project is being delivered and financed by a strong team of public and private capital partners, including Prince George’s County, the Community Preservation Corporation (CPC), A. Walker & Co., and Arbor Realty Trust, Inc. The public private collaboration has been instrumental in realizing the project’s vision of creating quality living while maintaining affordability at workforce housing levels and laying the foundation for sustainable community growth and prosperity.
“With increasing market demand for rental property, exercising our Right of First Refusal program on multi-family properties, like Capitol Square, is critical to preserving naturally occurring affordable housing, which is increasingly becoming a disappearing asset in the region,” said Angela Alsobrooks, Executive of Prince George’s County. “Ensuring equitable growth and the creation and preservation of quality affordable housing is a cornerstone of the County’s economic development platform, and we are excited that we are able to provide even more affordable housing opportunities for Prince Georgians.”
“At CPC, we are proud to champion properties like Capitol Square that contribute to the availability of affordable, quality housing in metro D.C. Our commitment to ensuring access to safe and affordable housing for all underscores our mission,” said Community Preservation Corporation Senior Vice President, Equity Investments Tell Metzger “Partners like BrookWynn and SHIFT allow us to expand our efforts to produce great housing, and to advance greater diversity, equity, and inclusion in the real estate industry.”
“A. Walker & Co. couldn’t be prouder to be invested alongside SHIFT Capital and Calvin Jones of BrookWynn Capital,” said A. Walker & Co. CEO Austin Walker. “As a mission-oriented investor, AWC aims to invest its dollars into diverse development platforms and leverage our unique network and flexible capital to create and preserve housing affordability. SHIFT’s mission is one that couldn’t be more aligned with ours and we are thrilled to be part of this project to preserve 118 units of affordable housing.”
Capitol Square is the second community-serving project in BrookWynn and SHIFT’s growing affordable housing portfolio. BrookWynn and SHIFT, alongside their partner, Voyage Investments, also own Haverford Square, a 36-unit multifamily residential building in Philadelphia that provides workforce housing, maintaining rents at 60%-80% AMI.
The Capitol Square project is being acquired through SHIFT’s innovative NextGen Impact Platform. The NextGen Impact Platform provides investment and training to support emerging impact real estate developers and operators like BrookWynn, who share in SHIFT’s mission to use real estate to invest in underserved neighborhoods and to catalyze inclusive, equitable communities. Under its NextGen Impact Platform, SHIFT is providing BrookWynn with institutional infrastructure that enhances BrookWynn’s investment management platform and provides access to the equity market.
“Our commitment to preserving affordability while enhancing the quality of housing options remains steadfast,” said SHIFT Capital CEO Brian Murray. “The plans for Capitol Square not only improve its physical infrastructure but also signify our dedication to providing safe, affordable housing for everyone.”
