Enterprise Community Partners' Enterprise Community Development Opens $47.88M Vision at Parkway in Columbia, Maryland

COLUMBIA, Md. — Enterprise Community Development, the nonprofit affordable housing provider affiliated with Enterprise Community Partners, celebrated the grand opening of The Vision at Parkway on Oct. 26, a newly constructed 82-home mixed-income community in Columbia, Maryland. The $47.88 million redevelopment was financed with support from JPMorgan Chase Bank, M&T Realty Capital Corporation and public funding sources, and is managed by Enterprise Residential, LLC.

The celebration featured remarks from U.S. Senator Chris Van Hollen and Howard County Executive Calvin Ball about the impact of more affordable and accessible housing for families and communities across Columbia.

The Vision at Parkway Doubles Housing on Former Ranleagh Court Site

The Vision at Parkway was built on the site of the former 41-unit Ranleagh Court property, at 6001 Turnabout Lane, and doubles the number of homes previously available there. The four-story, elevator-served building replaces an aging complex with 82 apartments in one-, two-, three- and four-bedroom layouts, with modern finishes, contemporary layouts and in-unit washers and dryers.

Residents have access to a clubroom, after-school homework space, business center and fitness center, as well as outdoor amenities including a playground, dog park and landscaped plaza.

The project is part of Enterprise's broader effort to replace approximately 300 aging apartments across a one-mile stretch of Columbia with nearly 600 modern homes. Together with Legacy at Twin Rivers and Legacy at Cedar Lane I/II, which recently celebrated its grand opening, The Vision at Parkway expands housing options in the community.

"The Vision at Parkway reflects our commitment to creating communities that meet residents' needs today while providing lasting opportunity for the future," said Janine Lind, president of Enterprise Community Development. "By doubling the number of homes at this site and bringing together a range of apartment sizes, accessible design and spaces for families to learn, gather and connect, we're creating a community where more people can build their lives in Columbia."

Senator Van Hollen said a home is an essential foundation for success but is out of reach for many. "That's why we need to invest in more affordable housing in our communities, and our congressional delegation worked to secure federal funds for these new homes in Columbia," he said.

Mixed-Income Model and Rental Assistance

The community follows a mixed-income model in which one-third of the homes are reserved for the lowest-income residents, one-third are designated as workforce housing and one-third are offered at market rate. Enterprise said the model helps preserve housing options for longtime residents while creating opportunities for households across a range of incomes to live near schools, employment centers, healthcare, recreation and other amenities. Project-based rental assistance contracts support 29 homes.

Accessibility is integrated throughout the community, with all homes incorporating features that ease access for residents and visitors with mobility limitations. Five percent of the homes are built to meet Uniform Federal Accessibility Standards requirements. The development was also built to Enterprise Green Communities standards and incorporates high-efficiency HVAC systems, ENERGY STAR appliances and a rooftop solar array.

Capital Stack: JPMorgan Chase Bank, M&T Realty Capital and Public Funds

The $47.88 million redevelopment, equivalent to roughly $584,000 per unit, was financed through a combination of public and private investment. Participants include JPMorgan Chase Bank, M&T Realty Capital Corporation, the Maryland Community Development Administration, Howard County, the U.S. Department of Housing and Urban Development and Congressionally directed Community Project Funding.

Low-Income Housing Tax Credit, Section 45L and Investment Tax Credit equity was syndicated by Enterprise's housing credit investments business.

The property was previously owned by Community Homes Housing, Inc. (CHHI), a Howard County-based nonprofit that, together with Enterprise, developed the shared vision for transforming Ranleagh Court into a modern, mixed-income, sustainable and accessible community. CHHI provided seller financing and additional support through its affordable housing fund as part of its investment in The Vision at Parkway and Legacy at Cedar Lane I/II.

The project team includes Moseley Architects and Harkins Builders, Inc. Enterprise Residential, LLC manages the community, providing property management and resident services.

Part of a Larger Columbia Redevelopment Program

Enterprise closed financing for The Vision at Parkway and Waverly Winds, now Legacy at Cedar Lane I/II, in 2025. Together, the two projects represented approximately $112 million of redevelopment investment and created more than 200 energy-efficient apartments. Legacy at Twin Rivers replaced a 58-unit 1960s complex with 153 apartments in two four-story buildings.

Enterprise Community Development describes itself as the largest nonprofit affordable housing provider in the Mid-Atlantic and the sixth-largest in the United States, with a portfolio of approximately $1.25 billion, 115 communities and 13,000 homes serving more than 24,000 residents. The Columbia projects reflect a shift in the sector from preservation toward full redevelopment where older buildings cannot efficiently deliver accessibility, energy performance or modern layouts, and the project's per-unit cost illustrates the layering of tax-credit equity, public funds and seller financing used to complete such deals.

Sources

Enterprise Community Partners: Enterprise Community Development Celebrates Grand Opening of The Vision at Parkway in Columbia, MD