INVESTING IN REAL ESTATE
PROFESSIONAL ARTS BUILDING - Baltimore, MD
The Professional Arts Building, an eight story mid-rise building built in 1927 located in the heart of the historic Mount Vernon neighborhood of Baltimore, MD, underwent a historic renovation that was completed in 2009.
Former Baltimore City Mayor Sheila Dixon and Congressman Elijah Cummings officiated at the ribbon cutting on June 29, 2009. Somerset Development Company and its joint venture partner NAGE Housing, Inc. acquired the building in 2006 and oversaw the renovations which converted the building from an underutilized office building to 96 apartments and ground floor retail, while preserving and restoring the historic elements.
The neighborhood is close to major transportation lines, and is home to the Washington Monument, the Walters Art Gallery, the Peabody Conservatory of Music, and City Stage, as well as shops and restaurants. The building offers a fitness center, community room, a business center and secure access.
Learn more at www.thePAB.com.
HUBBARD PLACE - Washington, DC
The building, which was constructed in the late 1920's and has been placed on the National Register of Historic Places, recently underwent a historic renovation by Somerset Development Company, with the affordable rents preserved for all the tenants living there.
Mayor Adrian Fenty officiated at the ribbon cutting on April 27, 2009, and the renaming of the Cavalier Apartments to "Hubbard Place" in honor of community leader Leroy Hubbard, whose career was dedicated to rebuilding 14th Street after
the civil disorders of 1968. The newly renovated building is a nine-story mid-rise with 230 apartments with ground floor retail and office spaces, located just blocks from the new D.C. USA retail complex, Tivoli Theater, and the Columbia Heights metro line.
The renovations and the new on-site resident services have transformed this once very distressed property into a vibrant new community which is safe and secure, making the property once again an asset to the neighborhood.
THE CHESAPEAKE BUILDING - Baltimore, MD
The Chesapeake building, located at 1701 North Charles Street at the corner of Lanvale Street, was purchased from the City of Baltimore through the Baltimore Development Corporation in 2010 by Station North Development Partners and renovated by SA+A Development, both Ernst Valery partnerships. Funding
assistance was provided through Ernst Valery Investments, The Reinvestment
Fund and Stratford Capital.
On July 12, 2013, Mayor Stephanie Rawlings-Blake joined the development team
and restaurateurs Mauro Daigle, Annie Baum-Stein, Dana Valery and Ernst Valery to celebrate the grand opening of The Chesapeake restaurant with a Ribbon Cutting event in the ground floor restaurant space. Attendees were served refreshments
and a special lunch menu.
The opening of the Chesapeake restaurant is the first phase in the full renovation
of this historic building, vacant since the original restaurant closed in the late 1980s. After full renovation, the building will include a second ground floor retail space, event and office spaces on the second floor, as well as apartments and studio space for artists on the second and third floors. Committed to revitalization in the Station North neighborhood and Baltimore City as a whole, the developers are pleased to bring this corner back to life.
DELSHAH VALERY PLACE - Washington, DC
In 2009, Delshah Capital in partnership with Ernst Valery Investments renovated this very rundown apartment building in the heart of the Columbia Heights Neighborhood (Ward 1) in Washington, DC.
The building suffered from severe deferred maintenance and was over 50% vacant when Delshah and EVI started working to turn it around. EVI, as the day to day
project manager for the renovations, worked closely with the existing tenants and their representatives to negotiate a Voluntary Agreement that would allow those
who wanted to stay the opportunity to remain in the building at their current below market rents.
The remainder of the building is leased at market, which supports the extensive renovations performed. Now fully renovated and occupied, the building is professionally managed by Washington Property Management.
STATION NORTH TOWNHOMES - Baltimore, MD
Somerset Development Company, in partnership with Yeni Wong of Riverdale International, Inc., completed the construction of 32 for-sale townhouses, on a one-acre site near Baltimore’s Penn Station in 2008.
The land was originally owned by the City of Baltimore, which awarded the development rights through an RFP. Somerset successfully remediated this brown-field site in record time. EVI purchased and manages the facilites charges on each
of the properties.
This beautiful new development, just blocks from the main train station, lies in the heart of the Station North Arts and Entertainment District of Baltimore and serves as a great example of transit-oriented and “smart growth” development in an emerging neighborhood.
These garage townhomes are a contemporary interpretation of the traditional Baltimore row house, and offer live-work and flex-space opportunities for artists and professionals. Station North Townhomes is serving as a catalyst for the revitalization of this important Baltimore neighborhood.
WEBSTER GARDENS - Washington, DC
In 2010, Somerset Development Company and THCAH entered into a purchase contract with the owners of Webster Gardens, a 52 unit apartment complex located in Ward 4, one block from the Armed Forces Retirement Home (Old Soldiers Home). EVI provided equity for the redevelopment of the property.
Built in 1921, Webster Gardens is one of the earliest garden apartments in the District of Columbia, and the development team has been successful in getting the building placed on the National Register of Historic Places. The redevelopment of Webster Gardens preserved the affordability of the property for a range of family incomes, provided upgrades in the infrastructure and safety standards, thoroughly renovated all of the units and common spaces, remediated the environmental hazards and improved energy efficiency, built out new community spaces and a business center, provided on-site management, and preserved the historic character of the building.
FORT VIEW APARTMENTS - Washington, DC
In 2010, Somerset Development Company and THC Affordable Housing, Inc. (THCAH) formed a joint-venture to acquire and renovate Fort Stevens Place Apartments located at 6000-6030 13th Place, NW, in Washington, DC, in Ward 4, adjacent to the historic Fort Stevens Park. EVI provided equity for the renovation of the property, which was completed in 2011.
Built in 1939, Fort Stevens Place Apartments was designed by George Santmyers, one of the most well-known architects in Washington, DC. Renamed Fort View Apartments, the buildings were included on the National Register of Historic Places. Before renovations, this 62-unit property was vacant and suffered from deferred maintenance and environmental hazards. Now restored to its historic quality, the property has been preserved as affordable housing.