OWINGS MILLS, MD. — Owings Mills-based Chesapeake Realty Partners (CRP) is planning to construct five new apartment communities comprising 1,260 residences at a cost of $186.5 million. The properties are located in Maryland, Virginia and Pennsylvania.
“Each of these properties serves communities with very favorable demographics,” says Josh E. Fidler, COO of Chesapeake Realty Partners. “In each area, employment is strong, the rental market is very tight, there is little or no new construction and transportation is easily accessible.”
Overall, the company has a strong pipeline throughout the Mid-Atlantic region for multifamily development opportunities, planning to take advantage of the area’s current market strength. Each of the projects will be built to Energy Star and either NAHB for Homes or LEED standards.
The projects currently underway are as follows:
- 1901 South Charles (below), a 193-unit project with attached, structured parking for 280 cars, located in the Federal Hill neighborhood of Baltimore City. 1901 South Charles recently closed on a $29 million loan insured by FHA under its 221(d)(4) new construction program. Development began July 13, and occupancy will commence in mid-2012.
- The Overlook (below), a community comprising 288 residences located in East Pennsboro Township, on the south shore of the Susquehanna River near Harrisburg, Pa. Groundbreaking occurred on August 8, and initial occupancy is targeted for Spring 2012.
- Reserve at Riverside, located off I-95 at Route 543 (Riverside Parkway) in Belcamp, Harford County, Md. Phase I will comprise 212 residences with Phase II including 188 residences. As a result of BRAC growth at Aberdeen Proving Ground, the area is expected to add over 20,000 jobs in the next few years. Initial occupancy is anticipated in the Fall of 2012. Phase I was financed with a $30.8 million loan insured by FHA under its 221(d)(4) program. Clearing and grading for this project is currently underway.
- Ellicott Meadows, a community of 96 existing apartments in Ellicott City, Howard County, Md., is now under management of CRP and its partner, Orchard Development, in anticipation of CRP’s acquisition this fall, and commencement at that time of construction on 144 additional apartments and a community center on adjoining land. This location, at the intersection of Interstate 70, and U.S. routes 29 and 40, will be further enhanced by the completion of North Ridge Road through the community. Initial occupancy of the new units will occur in the Fall of 2012.
- Finally, The Courts at Historic Manassas is a joint venture between CRP and The Christopher Company. A 139-unit rental community, The Courts is located in downtown Manassas, one block from the VRE commuter rail station, and an initial 27-unit building is fully occupied. The remaining two 56-unit buildings will be underway as of September 15.
General contractors for these projects include Harkins Builders (Reserve at Riverside, Ellicott Meadows and The Overlook) and Clark Construction (1901 South Charles). Kinsley Construction will provide land development at The Overlook. Financing was provided by Bank of America (Ellicott Meadows), M & T Bank (The Overlook) and Virginia Commerce Bank (The Courts at Historic Manassas). FHA financing was processed through Columbia National Real Estate Finance (1901 South Charles; Reserve at Riverside).
— Dan Marcec