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The Rae
DevelopmentMarylandMultifamilySoutheast

Foulger-Pratt to Develop $119.5M Rae at Westlake Apartment Project in Bethesda, Maryland

by Julia Sanders

BETHESDA, MD. — Foulger-Pratt will develop The Rae at Westlake, a five-story, 343-unit multifamily property in Bethesda. The community will include 299 market-rate apartments and 44 affordable housing units. The developer expects the property to cost $119.5 million to bring on line. Located at 10401 Motor City Drive, Rae at Westlake will be situated across from Westfield Montgomery Mall, which has 750,000 square feet of retail space with more than 40 dining places, theaters and a bowling alley. The mall is currently undergoing renovations. The mixed-income apartment property will be located off Interstate 270 and close to federal government operations, including the National Institutes of Health and the U.S. Food and Drug Administration. Additionally, the project will be located across from the Montgomery Mall Transit Center, which provides bus access to three Metrorail stations. The Rae will feature 46 studio, 170 one-bedroom and 127 two-bedroom units. Community amenities will include a dedicated dog run and pet spa, 24-hour fitness center, bocce ball courts, pedestrian trail, two courtyards with pool and grilling, coworking space and community event space. The project is slated to be open by the end of 2023. The apartment project was funded by $42.7 million sponsor and investor …

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Mallory Square
AcquisitionsMarylandMultifamilySoutheast

JLL Brokers $110M Sale of Mallory Square Apartments in Rockville, Maryland

by Julia Sanders

ROCKVILLE, MD. — JLL Capital Markets has brokered the $110 million sale of Mallory Square, a 365-unit mid-rise apartment community in Rockville. Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL represented the seller, Woodfield Development, which sold the property to Nuveen Real Estate. Mallory Square totals 330,117 rentable square feet and includes a mix of studio, one- and two-bedroom units, as well as 1,600 square feet of retail space leased to Dunkin’. Community amenities include three private courtyards totaling 25,000 square feet, a lounge with a grilling area, sun shelf with pool, media center with a TV, fire pits, 24-hour fitness center and a yoga studio with ballet barre. Located at 15251 Siesta Key Way, the property is situated in Maryland’s Interstate 270 Biotechnology and Life Sciences Corridor, which is a medical testing and research cluster that features The National Institutes of Health, National Cancer Institute and The Food and Drug Administration.

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At Home
Leasing ActivityMarylandRetailSoutheast

Heritage Partners Signs At Home to 96,446 SF Lease in Woodmore Towne Centre in Glenarden, Maryland

by Julia Sanders

GLENARDEN, MD. — Heritage Partners has signed the lease of the entire former JC Penney store at Woodmore Towne Centre in Glenarden to At Home, a home decor retail chain based in Plano, Texas. At Home will fully occupy the 96,446-square-foot space, initially taking possession early 2021 and opening this summer. At Home currently operates 227 stores in 40 states, and its stores each carry up to 50,000 items across broad product categories including furniture, garden, home textiles, housewares, patio, rugs, seasonal decor, tabletop decor and wall decor. Woodmore Towne Centre is a 245-acre mixed-use property with retail tenants such as Best Buy, Wegmans and Nordstrom Rack. In the summer of 2020, the JC Penney at Woodmore Towne Centre closed, along with over 150 other stores. Heritage Partners is a real estate development firm with a focus in the Mid-Atlantic markets.

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Market ReportsMarylandOfficeSoutheastSoutheast Market Reports

Maryland Governor Hogan’s Good News for Baltimore’s CBD, Demand Rises for Mental Health Space

by John Nelson

Among Maryland’s hardest hit submarkets the past 12 months is the Baltimore Central Business District (CBD), where the vacancy rate has risen to 16 percent, according to CoStar Group. Notable departures from companies such as T. Rowe Price and Legg Mason have accelerated during the pandemic due to aging infrastructure and rising crime, coupled with the expansion of sexy nearby submarkets, Inner Harbor East and Harbor Point. Combined these factors have stressed property owners and businesses trying to survive. Downtown restaurants in particular have suffered even more from the double whammy of the area’s rising pre-pandemic vacancies followed by the crushing hit from the spread of COVID-19 and government shutdowns. State government swoops in But Baltimoreans just received some good news from Maryland Gov. Larry Hogan that is sure to spur economic and social revitalization of its CBD. Over time the State of Maryland will be relocating 12 agencies and approximately 3,300 employees to available properties throughout the CBD from an aging Midtown office complex known as State Center. The first agency on the move will be the Department of Human Services (DHS), which has an RFP out for approximately 105,000 square feet of office space. The Department of Health …

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AcquisitionsIndustrialMarylandSelf-StorageSoutheast

Big Cypress Capital, PSG Sell Self-Storage Facility in Metro D.C. for $18.2M

by Julia Sanders

DISTRICT HEIGHTS, MD. — Big Cypress Capital and PSG have sold a newly built, climate-controlled self-storage facility in District Heights for $18.2 million. Extra Space Storage, a self-storage REIT based in Salt Lake City, Utah, purchased the 900-unit, three-story facility and plans to operate it. The self-storage facility is located at 7618 Marlboro Pike, approximately 13 miles from Washington, D.C., and 14 miles from Alexandria, Va. The development site is located on 3.2 acres and includes a demised outparcel pad currently under contract to a third-party developer. Big Cypress Capital and PSG acquired the site in June 2018 and delivered the 110,000-square-foot storage facility earlier this month.

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Element apartments
Market ReportsMarylandMultifamilySingle-Family RentalSoutheastSoutheast Market Reports

Baltimore’s Stable Apartment Market Attracts New, Returning Buyers

by John Nelson

Consistent with much of the nation, the Mid-Atlantic region locked down at the onset of the COVID-19 pandemic in March 2020. However, by late August 2020 and throughout the first quarter of 2021, activity in the multifamily asset class picked up considerably. As operations stabilized and investors could better determine valuations, regional transaction volume quickly heated up as investors returned with pent-up demand. Aided in part by the continued government stimulus and rent regulation in the Mid-Atlantic, Baltimore’s durable “meds and eds” employment bases, anchored by the life sciences, medical, higher education and technology sectors, bolstered the region’s stability. The Baltimore multifamily market has performed in-line with comparable metropolitan areas in the Mid-Atlantic, with flat to moderate rent growth. Rents are expected to stagnate or struggle in response to heightened development occurring in Downtown Baltimore, Owings Mills and Towson, and the new supply may surpass demand in the near-term. Despite muted rent growth projections, transaction volume has returned with an expanded pool of multifamily investors, driving cap rates down and valuations up. Shifting east “Charm City” boasts blue-chip Downtown employers such as T. Rowe Price, Pandora, University of Maryland Medical Center, Johns Hopkins Hospital and Under Armour. In theory, this …

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Watergate
MarylandMultifamilySoutheastTop Stories

TPG Real Estate, Bainbridge Acquire Waterfront Multifamily Community in Annapolis for $154M

by Katie Sloan

ANNAPOLIS, MD. — A joint venture between TPG Real Estate and The Bainbridge Cos. has acquired Watergate Pointe, a 608-unit waterfront multifamily community located at 655 Americana Drive in Annapolis, for $154 million or $253,290 per unit. Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Real Estate Services represented the seller, Castle Lanterra Properties, in the disposition of the community. The 31.2-acre property sits on a peninsula connected to the Chesapeake Bay and was recently rebranded Nautilus Point. The community offers studio, one-, two- and three-bedroom units in seven mid-rise and 13 garden-style buildings. Shared amenities include a 160-slip income-producing marina; paddleboards and kayaks; a swimming pool and sundeck; dog park; renovated clubhouse; business center; dock access for crabbing; an outdoor lounge space; a state-of-the-art fitness center; playground; tennis court; laundry facilities; a bike share program; and recycling center.  “The property is well-positioned to capture significant upside through rent increases, which can be achieved by continuing to implement an interior renovation program, and through improved management of the marina to maximize its value,” says Williams of Transwestern. According to Transwestern’s research affiliate Delta Associates, the Annapolis apartment market is one of the best performers in the region …

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The Ella
DevelopmentMarylandOfficeSoutheast

RPAI Plans to Develop 125,000 SF Medical Office Building in Largo, Maryland

by Julia Sanders

LARGO, MD. — Retail Properties of America Inc. (RPAI) plans to begin developing the first building within Carillon, a planned mixed-use development in Largo. Construction on the first building known as The Ella, a 125,000-square-foot medical office building, will begin in the second half of 2021. The Ella will be situated 300 feet from the University of Maryland Capital Region Medical Center. The property will also be located close to the Largo Town Center Metro Blue and Silver lines, onsite surface parking and access to the Capital Beltway. RPAI is in active negotiations with prospective tenants.

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Briarwood Estates
AcquisitionsLoansMarylandMultifamilySoutheast

KeyBank Funds $18M Acquisition Loan for Manufactured Housing Community in Dundalk, Maryland

by Julia Sanders

DUNDALK, MD. — KeyBank Real Estate Capital has secured an $18 million Fannie Mae acquisition loan for a manufactured housing community in Dundalk known as Briarwood Estates. The borrower is a partnership between Dahn Corp., a Newport Beach, Calif.-based real estate investment and asset management company, and Orlando-based Elevation Capital Group. The property represents the first purchase for Elevation’s investment fund Elevation Fund 8 LLC, which focuses on self-storage and manufactured housing acquisitions. Paul Angle and Jason Weaver of KeyBank originated the financing. The 10-year loan is structured with a fixed interest rate, three years of interest-only payments and a 30-year amortization schedule. Originally built in 1949, renovated in the 1960s and expanded in the 1980s, Briarwood Estates is a 209-pad manufactured housing community situated on 34 acres approximately 48 miles north of Washington, D.C.

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IndustrialMarket ReportsMarylandSoutheastSoutheast Market Reports

Baltimore’s Industrial Market is Stronger Than Ever, And There’s More to Come

by John Nelson

Baltimore’s industrial market has been flourishing for years, but current trends suggest it may be poised to become one of the hottest markets in the United States over the next few years. Supporting these dynamics will be continued growth in e-commerce, a new emphasis by manufacturers and retailers on expanding their “safety stock” in warehouses and increasing land constraints in the Mid-Atlantic. The confluence of these trends is expected to drive average Baltimore industrial rents at one of the fastest clips of any market in the United States over the next two years. In 2021, the Baltimore industrial market recorded its most active first quarter of gross leasing in over a decade. Net absorption of 1.3 million square feet sparked the year with a strong start as the region’s industrial vacancy rate continued to hover near its lowest level in more than a decade. Vacancy in Baltimore industrial properties has been stable since 2018, despite approximately 12 million square feet of new warehouses constructed in that time span. Several important trends are driving the record-breaking market conditions and are expected to facilitate growth into the foreseeable future. The first trend is a sharply recovering economy in 2021 that may perform …

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