County Loan Helps Developer Buy The Hamptons

With the help of a $15 million loan from the county, a private, nonprofit developer has purchased a 770-unit apartment community in Germantown.

Arlington, VA-based AHC Inc. bought The Hamptons at Town Center for $94 million, according to Richard Y. Nelson Jr., director of the county’s Department of Housing and Community Affairs. The apartment complex’s prior owner, Harbor Group Management Company, would continue to manage the property.

The Hamptons is near the intersection of Germantown Road and Crystal Rock Drive. In a statement, AHC said about a third of the units would be reserved for households that earned no more than $64,500, the amount the county has outlined as 60 percent of the area median income for a family of four.

Nelson said AHC assumed a $67 million outstanding mortgage and had received a $12.5 million equity investment from a private donor.

Nelson said the county expects to get back “a good amount” from accrued interest when AHC refinances in five years.