Enterprise Community Development closes on $28.7M multifamily community

Enterprise Community Development, the Baltimore-based nonprofit affordable housing owner and developer in the mid-Atlantic market, Thursday announced it closed on the sale of Auburn Pointe Apartments in Newport News, Virginia for $28.7 million. The community, originally purchased by CPDC, an Enterprise Community Development subsidiary, in 2015, was sold to an affiliate of Bethesda-based RailField Partners, who purchased the property on behalf of its RLM Preservation Fund that focuses on preserving affordable housing.