BROOKLYN, N.Y. & CAMBRIDGE, Northern Liberties, a real estate investment firm specializing in workforce housing, and Equity Resource Investments, LLC (“ERI”), a multi-strategy real estate investment firm focused on essential housing and workplaces, today announced the acquisition of Arbor Crest, an 80-unit active adult apartment community located in Silver Spring, Maryland.
Built in 2004, Arbor Crest offers one- and two-bedroom residences for adults aged 62 and over, with amenities designed to support the active lifestyles of its residents. Situated just outside Washington, D.C., the property is well-located in one of the region’s most accessible suburban markets.
As part of the acquisition, Northern Liberties entered into a long-term agreement with Montgomery County through its PILOT (Payment In Lieu of Taxes) program. The structure abates all county property taxes for 20 years in exchange for maintaining rent restrictions for qualified residents earning between 45% to 70% of area median income – and is expected to provide long-term affordability without a reliance on federal subsidies.
“We believe this is important for the ‘missing middle’—those on fixed or moderate incomes who earn too much for housing assistance, but too little to afford market rents,” said Sharif Mitchell, Co-Founder and CEO of Northern Liberties. “By pairing public incentives with targeted capital upgrades and resident-focused services, we believe we can create value for both residents and the property.”
“We are pleased to partner with Northern Liberties on this investment,” added Paul Coelho, Managing Partner at ERI. “This investment aligns with ERI’s approach of seeking to invest in essential real estate across markets that we believe have a common theme of affordability and the potential to generate risk-adjusted returns.”
Mitchell, who grew up in Silver Spring where his grandfather lived in a similar senior community, considers the acquisition a personal milestone. “Coming back to invest in the community where I was raised—it’s full circle. It makes the work we do even more meaningful.”
About Northern Liberties
Northern Liberties is a vertically-integrated real estate investment firm focused on workforce housing. By providing strategic capital improvements, hands-on asset management and community-centered resident services, the firm seeks to deliver market rate returns and meaningful social impact. Headquartered in Brooklyn, New York, Northern Liberties is a minority-owned and operated venture, the principals of which have completed over $485 million in investments.
About Equity Resource Investments, LLC
Founded in 2002, Equity Resource Investments, LLC (“ERI”) is a value-oriented, real estate private equity firm investing in the fragmented, inefficient and complex lower middle market. The firm focuses on essential housing and workplaces in the Affordable Housing, Workforce Housing and Value-Add Industrial sectors across the U.S. and also makes certain Special Situation and Opportunistic investments. Based in Cambridge, MA, ERI has invested approximately $1.8 billion of equity into over 1,900 properties as of March 31, 2025.
Contacts
For Northern Liberties
Deborah Linton
dlinton@comblu.com
(630) 269-5680
For Equity Resource Investments
Grace Cartwright/Gwyn Hodges
ERI@gasthalter.com