Vantage Takes Over Management of Timberlawn Crescent Apartment Community

Tax-credit community offers 107 apartment homes and townhomes in DC market

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Jun 02, 2020, 08:45 ET

GAITHERSBURG, Md., June 2, 2020 /PRNewswire/ -- Vantage Management, the premier mixed-income property management company in the northeast, today announced it has taken over management responsibilities of Timberlawn Crescent apartment community in North Bethesda, Md.

Timberlawn Crescent is a mixed income housing community that features both market rate and affordable housing homes among its 107 apartments and townhomes. The 40 percent of affordable homes will be part of the federal government's Low-Income Tax Credit (LIHTC) program, while the remaining 60 percent will be rented at market rate.

The Housing Opportunities Commission of Montgomery County owns the community and selected Vantage to manage the community because of its expertise in managing mixed-income Housing. Vantage provides in-house expertise in affordable housing compliance through its sister company, Edgewood Management, and significant experience managing high-end market rate homes.

"Our prominence and experience in the DC Metropolitan Area uniquely positions us to provide a seamless management transition for Timberlawn Crescent," said Vantage Director, President and CEO Cindy Sanquist. "Our expertise in operating tax-credit properties enables us to maintain high occupancy rates while fostering a positive community atmosphere that yields high levels of resident satisfaction. We're excited and honored to manage this community and continue to offer quality living experiences in this market."

For many jurisdictions, mixed-income housing is becoming the norm as a solution to the affordable housing crisis. The mixed-income housing solution empowers developers to build financially feasible market-rate apartments while also increasing affordable housing options. This increases the supply of housing, which is necessary to address long-term affordability, while making affordability possible in the short-term.

"We feel privileged to have Vantage Management take over the onsite management of Timberlawn Crescent," said Montgomery County Housing Opportunities Commission Chair Roy Priest. "Their track record and reputation as industry leaders in affordable and mixed-income housing management made them the ideal choice to take the reins at this impressive community. We look forward to watching the property flourish under their direction."

Situated along Tuckerman Lane, between Old Georgetown Road and Rockville Pike, Timberlawn Crescent offers incredible accessibility, with Route 270 and Washington Beltway both just a three-minute drive away. Residents also enjoy easy walking or cycling connectivity to Beach Drive, the Bethesda Trolley Trail and multiple public transportation hubs.

Timberlawn Crescent includes a state-of-the-art fitness center, resident lounge and game room, and a community patio with barbecue grills. Free onsite parking is included, beneath a canopy of mature trees and surrounded by established landscaping. The lush grounds provide a tranquil oasis where residents can relax and escape the daily grind. The surrounding neighborhood features enviable dining, entertainment and shopping options, as well as easy access to groceries. Local attractions include Timberlawn Local Park, White Flint Park, Tuckerman Station Swimming Pool, Strathmore Mansion and Josiah Henson Museum and Park.

Located at 5707 Luxemburg St., Timberlawn Crescent consists of one-, two- and three-bedroom floor plans, ranging from 856 to 1,200 square feet. The sprawling interiors and spacious designs are highlighted by in-home washers and dryers, and modern kitchens featuring high-end stainless steel appliances. The pet-friendly homes are well-appointed with large walk-in closets, wood-style plank flooring, glass tile trimmed baths, individually controlled air conditioning and private patios or balconies.

About Edgewood and Vantage Management
Edgewood Management and Vantage Management are East Coast affordable, market-rate and mixed-income property management companies driven by a genuine desire to help improve people's lives. Through hands-on management and enhanced resident services, Edgewood and Vantage have become industry leaders in residential property management. Edgewood and Vantage manage a select portfolio of more than 140 residential communities in Delaware, Florida, Georgia, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia and Washington, D.C. For more information, please visit www.thefordfamilycompanies.com.