Mackenzie Commercial Real Estate Services negotiates sale of Odenton site for $3.75M

The land faces 1566-1580 Annapolis Road and is adjacent to the Seven Oaks Mall and MD Route 32. Severn is approximately five miles from the site, Crofton is approximately ten miles, and downtown Annapolis is accessible about 32 kilometers away. (photo sent)

Lutherville-based MacKenzie Commercial Real Estate Services has negotiated the sale of 5.3 acres of land in Anne Arundel County’s downtown Odenton for $3.75 million to Conifer Realty, LLC, a based in Rochester, New York, specializing in the development and management of multi-family housing throughout New York, New Jersey, Pennsylvania and Maryland.

The previous owner was the EL Gardiner family in Annapolis. Conifer Realty will develop two buildings, containing approximately 150 labor rental units on the site fronting MD Route 175. David McClatchy, of MacKenzie Commercial Real Estate Services, LLC, represented both parties in this sale transaction.

The land faces 1566-1580 Annapolis Road and is adjacent to the Seven Oaks Mall and MD Route 32. Severn is approximately five miles from the site, Crofton is approximately ten miles, and downtown Annapolis is accessible about 32 kilometers away.

Labor housing is the typical solution for middle-income workers to buy or rent housing in the areas where they work. It is most often used by civil service workers such as teachers, police officers and firefighters who earn salaries that cannot keep pace with the rising cost of housing in their area. According to McClatchy, the Maryland Department of Housing and Community Development (DHCD) administers programs that provide tax credits and other financial incentives to development groups engaged in this asset class.

Development work is expected to begin on the site this fall with delivery scheduled for late 2023.

Conifer Realty also has regional offices in Long Island, Mount Laurel, New Jersey and Columbia. Founded in 1975, the company has built over 15,000 multi-family residential homes in over 200 communities.