ANNAPOLIS, MD. — Demand for seniors housing has reached an all-time high, according to the National Investment Center for Seniors Housing & Care (NIC). In a press release, the Annapolis-based organization reported that occupancy rates in the United States increased 30 basis points — from 87.1 percent in the fourth quarter of 2024 to 87.4 percent in the first quarter of 2025 — referencing data from NIC MAP, which tracks occupancy rates in 31 primary markets throughout the country. Occupancy across independent living properties rose to 89 percent from 88.6 percent in the same period, and occupancy rates in assisted living communities increased to 85.8 percent from 85.5 percent. The first quarter of 2025 marked a record for occupied seniors housing units, with roughly 621,000 units occupied, an increase from 617,000 in the fourth quarter of 2024. Simultaneously, construction starts in the seniors housing sector were at only 1,076 units, their lowest since the second quarter of 2009. Approximately 19,500 units total were under construction in the first quarter of 2025, marking the lowest level since 2013. Rental rates, on average, saw a slight decrease quarter-over-quarter.
HYATTSVILLE, MD. — Gilbane Development has cut the ribbon on Sovren, a five-story, 293-unit multifamily community in Hyattsville. Amazon’s housing equity fund contributed debt to fund the development. Located within the larger mixed-use development of The Riverfront at West Hyattsville, Sovren has direct access to the West Hyattsville Metro station and the Northwest Branch Anacostia River trail system. Sovren includes 147 units reserved for residents earning 80 percent or less of the area median income, as well as 2,500 square feet of retail space and an art-wrapped, 298-space parking garage. The community offers studios, one-, two- and three-bedroom floorplans ranging from 429 square feet to 1,417 square feet in size. Amenities at the property include a resort-style swimming pool with cabanas, fitness center with a dedicated yoga space, coworking areas, dog park, pet-washing facilities, outdoor grilling areas, fire pits and an entertainment lounge with a billiards table. Monthly rental rates for Sovren begin at $1,860, according to Apartments.com.
BRANDYWINE, MD. — First National Realty Partners has signed three new tenants to join Brandywine Crossing, a 231,036-square-foot shopping center in Brandywine, a city roughly 27 miles from Washington, D.C. The new tenants at Brandywine Crossing include Burlington, which is backfilling a 25,310-square-foot space that previously housed Joann Fabric and Crafts, as well as Another Broken Egg Café and Buffalo Wild Wings Go. The new restaurants are set to open in the fourth quarter, and the Burlington store is expected to open in 2026. Brandywine Crossing sits on a 30-acre site and is anchored by a nearly 60,000-square-foot Safeway grocery store. Other existing tenants include Bonefish Grill, Panda Express, Marshalls, Advance Auto Parts, Truist Bank, Visionworks, Wells Fargo, AT&T and The UPS Store.
FREDERICKSBURG, MD. — A public-private partnership between Downtown Frederick Partnership, McClintock Distilling and the City of Frederick plans to develop a food hall in downtown Fredericksburg. The 6,000-square-foot space is located on the ground level of a historic commercial building owned by McClintock Distilling, which is situated near attractions including Carroll Creek Linear Park and a new hotel and conference center that is under construction. The food hall will feature four food stalls ranging from 200 to 350 square feet in size, a bar and a market stall. Renovation costs are expected to exceed $1 million, including expenses for architectural design, engineering and food hall consultation. The Maryland Department of Housing and Community Development provided the project team with a $300,000 grant to help fund the project. Construction is scheduled to begin in late summer, with the food hall expected to be operational within the next year. McClintock Distilling will operate the food hall upon completion and secure vendors during the design and construction phases.
RIVERDALE PARK, MD. — First Washington Realty has acquired a 163,000-square-foot shopping center in the Washington, D.C. suburb of Riverdale Park. The retail property, which is situated within the mixed-use district of The Station at Riverdale Park near the University of Maryland, is anchored by Whole Foods Market. Additional tenants at the shopping center include Burton’s Grill, Starbucks Coffee, Gold’s Gym, Jersey Mike’s Subs, Denizens Brewing Co. and District Taco. Amrit Chase negotiated the transaction on behalf of First Washington Realty on an internal basis. The seller and sales price were not disclosed.
FREDERICK, MD. — Crunch Fitness has signed a 40,000-square-foot lease at Westridge Square, a regional shopping center located at 1005 W. Patrick St. in Frederick, approximately 40 miles northwest of Washington, D.C. MCB Real Estate purchased the 252,000-square-foot center in 2022 and has invested more than $6 million to attract a new anchor tenant. MCB connected the single-story former Gold’s Gym space with the existing upper-level courtyard, giving Crunch Fitness the ability to occupy two levels at the shopping center. Other improvements include the complete renovation of the exterior, new signage, wood-style finishes, landscaping and a new color palate. The new gym features cardio and strength training equipment, personal training options, a group fitness and boxing studio, hot yoga, cycling classes, Olympic lifting platforms, HydroMassage beds, cryotherapy, full-service locker rooms with showers and a sauna and a 2,500-square-foot outdoor space. Additionally, the gym also offers a Kids Crunch childcare center.
BETHESDA, MD. — Solera Senior Living has acquired Brightview Bethesda Woodmont, an assisted living and memory care community located in Bethesda, a suburb of Washington, D.C. Brightview Senior Living sold the eight-story property for an undisclosed price. Solera will rebrand the community, which totals 113 units, as Modena Reserve at Bethesda. Amenities include rooftop decks, a formal dining room, upscale pub, multipurpose room for entertainment and gatherings, private dining room, library, fitness center, beauty and barber shop, movie theater and 24-hour concierge services. Solera also plans to reopen the community’s café, which will feature craft-brewed coffee and local gourmet pastries. Denver-based Solera owns and operates independent living, assisted living and memory care communities across seven states.
Baltimore’s retail market is alive and well and has experienced something of a boom in retail activity, driven in large part by the thriving retail hubs in the city and in the surrounding suburbs. Demand for space continues to be robust and prospective tenants and investors alike are excited to be part of the Baltimore market. But the reasons why are more nuanced than simply piggybacking off the overall growth that brick-and-mortar retail is seeing across the country. Baltimore is a bargain One of the causes is the terrific value that Charm City offers when comparing prices to the major metropolises of Washington, D.C., to the south and Philadelphia to the north. The Baltimore MSA offers attractive demographics and strong retail fundamentals, making it a prime target for local, regional and national investors. A great example is the sale by KLNB’s Retail Capital Markets team of Arbutus Shopping Center in fall 2024, a 88,000-square-foot, grocery-anchored center that attracted significant demand due to its Baltimore County location, sub-$20 million price point and the broader market’s interest in grocery-anchored retail assets. Due to these robust conditions and factors, among other reasons, owners are hesitant to sell — despite the substantial interest …
BURTONSVILLE, MD. — Cushman & Wakefield and Greystone have secured the sale of Country Place Apartments, a 312-unit multifamily development located in the Washington, D.C., suburb of Burtonsville. The property offers one-, two- and three-bedroom floorplans ranging in size from 978 square feet to 1,196 square feet, according to Apartments.com. Featured amenities at the development include a swimming pool, sundeck and a fitness center. Anthony Liberto and Jorge Rosa of Cushman & Wakefield represented the undisclosed seller in the transaction. Alex Basile of Greystone, along with Cushman & Wakefield, originated a seven-year, $41 million Freddie Mac loan for the acquisition.
A major attraction within the Baltimore industrial real estate market has historically been the Port of Baltimore, as it is the most inland port on the East Coast, ranks in the top 20 nationally for tonnage and top 10 for dry bulk and attracts users and investors for its impressive capabilities. Closing on the end of first-quarter 2025, here are a few noteworthy project and market updates: March 26, 2024: The Key Bridge collapsed due to a physical collision from the container ship Dali. The bridge collapse was a tragic event with six lives lost and shipping (both in and out) being blocked for nearly three months as crews cleared the debris. $2B Key Bridge rebuild: Maryland Gov. Wes Moore unveiled the new design for rebuilding the bridge in February. The bridge is anticipated to deliver by fall 2028 and comes with enhanced capabilities, such as a 45-foot height increase and a 300-foot width increase for the shipping channel when compared with the previous design. Kiewit Infrastructure estimates the overall project will cost $2 billion. Howard Street Tunnel: As part of nearly $500 million directed toward local infrastructure projects, CSX recently kicked off the long-awaited Howard Street Tunnel project being …