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Artspace
DevelopmentMarylandMixed-UseMultifamilySoutheast

BKV-Designed $32M Mixed-Use Development Reserved for Artists Opens in Silver Spring, Maryland

by Julia Sanders

SILVER SPRING, MD. — BKV Group has designed Artspace Silver Spring Arts Campus, a mixed-use development in Silver Spring featuring affordable housing and studio space for artists. The development cost for the project was $32 million. Construction of the project took about 18 months to complete, and now the project is open. Formerly the Third District Police Station, Artspace Silver Spring Arts Campus has workspaces for artists to rent out studio space and is anchored by 7,500 square feet of communal space. BKV Group worked with nonprofit developer Artspace, as well as the Montgomery County Department of Housing and Community Affairs, to redevelop the building into a creative hub. The project includes 68 affordable housing units that are intended for local artists. Rental restrictions include households whose income is below 60 percent of Area Median Income, with some units having further restrictions to income at or below 50 percent or 30 percent of AMI. The rental units feature one-, two- and three-bedroom floorplans with hardwood-style flooring, stainless steel appliances, in-unit washers and dryers and full-size balconies available in select floorplans. The property also includes 11 mixed-income rental townhomes on the eastern end of the site along Grove Street. Leasing is …

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Nine East 33rd
AcquisitionsMarylandMultifamilySoutheastStudent Housing

Armada Hoffler Sells Student Housing Property in Baltimore for $75M

by Julia Sanders

BALTIMORE — Armada Hoffler Properties Inc. has sold Nine East 33rd, a 157-unit student housing property in Baltimore, for $75 million. The buyer was not disclosed. Aaron Moll, Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu of Berkadia arranged a $62 million loan from PIMCO for the sale. Nine East 33rd offers one-, two-, three- and four-bedroom floorplans with an average unit size range of 590 to 1,120 square feet. The fully furnished units feature in-unit washers and dryers, pantries, patios and kitchen islands. Community amenities include a fitness center, bike storage, gameroom, media center and movie theater, courtyard, grill, retail space and onsite maintenance. The property also offers individual locking bedrooms, a study lounge, individual leases available and roommate matching options. Located at 9 E 33rd St., the property is situated close to downtown Baltimore and Interstate 83. The property is less than a mile from Johns Hopkins University campus and two miles from the Maryland Institute College of Art. The property has nearby retailers such as Insomnia Cookies, Barnes & Noble, Chipotle Mexican Grill, Kung Fu Tea and BOZ’s Burger Bistro. The transaction was part of Armada Hoffler’s plans to exit the student housing sector. The Virginia …

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The Avanti
AcquisitionsAffordable HousingMarylandMultifamilySoutheast

DCP, Jonathan Rose Cos. Acquire Workforce Housing Community in District Heights, Maryland for $164M

by Julia Sanders

DISTRICT HEIGHTS, MD. — Washington, D.C.-based Dantes Community Partners (DCP), in a joint venture with New York-based Jonathan Rose Cos., has acquired The Avanti Apartments. The 930-unit workforce housing community is located in District Heights, about 10.9 miles from Washington, D.C. Dragone Realty Investments and GMF Capital sold the property to the joint venture for $164 million. CBRE represented the sellers in the transaction. Built in 1960, The Avanti includes 26 apartment buildings with a mix of one-, two- and three-bedroom apartments. The property offers 372 new units of income-restricted housing. Twenty percent of units are affordable at 50 percent of area medium income (AMI) and another 20 percent of units are affordable at 80 percent AMI. Community amenities include two swimming pools, a two-story clubhouse, pool house, fitness center, business center, dog park, playground, jogging/walking trails and a picnic area. DCP and Jonathan Rose Cos. will implement resident services and programming and invest in capital improvements to upgrade resident amenities, enhance curb appeal and drive down utility costs and consumption through targeted eco-friendly improvements. Located at 6501 Hil-Mar Drive, the property is situated five miles from the Branch Avenue Metro Station and five miles from One Town Center, the …

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industrial
AcquisitionsIndustrialMarylandSoutheast

Trout Daniel & Associates Brokers Sale of 91,175 SF Industrial Center in Baltimore

by Julia Sanders

BALTIMORE — Trout Daniel & Associates (TD&A) has brokered the sale of 1870 & 1900 Frankfurst Ave., a combined 91,175-square-foot industrial property in Baltimore’s Fairfield industrial submarket. Steven Cornblatt and Jared Engel of TD&A represented the seller, an entity doing business as WFP-Port Liberty LLC, in the transaction. New York-based Criterion Group purchased the properties for $7 million. The two properties sit near each other and total 12.3 acres. The site is located close to Interstate 895 and the Port of Baltimore. Many years prior, the properties were used to manufacture Liberty Ships to transport cargo in the Allies’ World War II efforts. In 2003, WFP-Port Liberty LLC purchased the properties, and TD&A shortly thereafter executed a long-term lease with Amports, an automotive services provider. Amports remained a tenant at the site until this past July.

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Stella
DevelopmentMarylandMultifamilySoutheast

Urban Atlantic Opens 282-Unit Apartment Community in Metro D.C.

by Julia Sanders

HYATTSVILLE, MD. — Urban Atlantic has opened Stella, a 282-unit apartment community located at 3950 Garden City Drive in Hyattsville, about 11.2 miles from Washington, D.C. The property’s monthly rent ranges from $1,865 to $4,004, according to Apartments.com. Stella offers studios, one-, two- and three-bedroom and penthouse units ranging in size from about 500 square feet to more than 1,200 square feet. Unit features include oversized windows, wood-style plank flooring, stainless steel appliances, keyless entry and contemporary cabinetry. Select units also feature large balconies and terraces. Community amenities include a 2,000-square-foot fitness center, dedicated exercise studio for yoga and other classes, front desk concierge and an onsite pet grooming station. Located in Prince George’s County, Stella was developed near New Carrollton, a transit-focused community where the Washington Metropolitan Area Transit Authority (WMATA) and Kaiser Permanente have committed to new office space. In 2019, Urban Atlantic delivered the first phase of the New Carrollton office complex, which was a 176,000-square-foot administrative building for anchor tenant Kaiser Permanente. Stella is located right on the Metro line at New Carrollton Station.

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DevelopmentLoansMarylandMultifamilySoutheastStudent HousingTexasTop Stories

Greystar Closes $600M in Financing for Three Student Housing Projects in Texas, Maryland

by Kristin Harlow

AUSTIN, TEXAS AND COLLEGE PARK, MD. — Greystar has closed on $600 million in financing for the development of three student housing projects located in Texas and Maryland. Construction on all developments began in October with completion scheduled for fall 2024.  The projects include Union on San Antonio, a $171 million, 991-bed high-rise being built through a public-private partnership with the St. Austin Catholic Parish. The project is located one block from the University of Texas at Austin campus and will include a new Catholic parish, rectory and K-8 school for $32 million.  Page designed the student housing tower, which will feature shared amenities including a swimming pool, rooftop deck and fitness center. Greystar’s Austin team will oversee the construction of the project with Hensel Phelps as general contractor.  The second development serving students attending the University of Texas is Union on 24th, a $262 million, 1,448-bed high-rise community in Austin’s West Campus neighborhood. Greystar will lead the development and self-perform construction.  The final project is Knox Road, a $140 million community near the University of Maryland in College Park. The project is being developed through a public-private partnership with Terrapin Development Co., an entity comprised of the University of Maryland …

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Sawyer Flats
AcquisitionsMarylandMultifamilySoutheast

Grosvenor Americas Sells 648-Unit Apartment Community in Gaithersburg, Maryland

by Julia Sanders

GAITHERSBURG, MD. — Grosvenor Americas has sold Sawyer Flats, a 648-unit apartment community located at 9806 Mahogany Drive in Gaithersburg to an undisclosed buyer. The sales price was not disclosed. Newmark represented Grosvenor in the sale transaction. Sawyer Flats offers one-, two- and three-bedroom floorplans with unit sizes ranging from 715 to 1,556 square feet. Built in 1989, the property includes features such as in-unit washers and dryers, stainless steel appliances, built-in bookshelves, hardwood floors, walk-in closets and balconies and patios. Community amenities include onsite maintenance, package services, a pool, clubhouse, playground and a tennis court. Under Grosvenor’s ownership, the property had a comprehensive repositioning and rebranding program in 2016 to update unit interiors, landscaping and resident amenities. Other improvements include unit finishes, new outdoor fitness stations and fireside social lounges. Christian Siding was the general contractor for the property improvements. Grosvenor’s Environmental, Social and Governance (ESG) program allowed the firm to finalize an agreement with Montgomery County to offer several affordable units at Sawyer Flats.

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Truman Park
LoansMarylandMultifamilySoutheast

KeyBank Secures $53.7M Refinancing for Multifamily Community in Largo, Maryland

by Julia Sanders

LARGO, MD. — KeyBank Real Estate Capital has secured $53.7 million of fixed-rate Freddie Mac financing for Truman Park Apartments, a 284-unit mid-rise complex in Largo. Dirk Falardeau and Matt Purtell of KeyBank Real Estate Capital structured the refinancing with a 10-year, interest-only period on behalf of the borrower, The Dolben Co. Built in 2002, Truman Park includes seven four- and five-story residential buildings on nearly 10 acres of land. The property offers one- and two-bedroom floorplans with units that feature full-size washers and dryers, gas fireplaces, nine-foot ceilings and patios or balconies. Community amenities include a fitness center, swimming pool, nature trail, car wash area, gated entry, five-story parking garage and a club suite. Located at 601 Harry S. Truman Drive, the apartment community is situated about 13.2 miles from the University of Maryland, 13.4 miles from Washington, D.C. and 17.3 miles from Alexandria, Va.

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The Carnegie
DevelopmentMarylandSeniors HousingSoutheast

Kisco, Welltower Begin Construction on Seniors Housing Project in Gaithersburg, Maryland

by Julia Sanders

GAITHERSBURG, MD. — Carlsbad, Calif.-based Kisco Senior Living and joint venture partner Welltower Inc. have broken ground on The Carnegie at Washingtonian Center, a seniors housing project in Gaithersburg. The seven-story complex will offer 302 one- and two-bedroom floorplans for independent living, assisted living and memory care residences. Floorplan options will range in size from one-bedroom, one-bath with an average of 837 square feet to two-bedrooms, two-baths and a den at about 1,487 square feet, as well as a club level living option that includes concierge and valet services. Situated on 8.5 acres, The Carnegie is slated for completion by the spring of 2024. The property is located beside RIO Lakefront at Washingtonian Center, a popular area shopping center. Community amenities will include indoor and al fresco dining venues; an indoor heated, saltwater pool; fitness center; wellness spa; yoga studio; and access to healthcare onsite. Additional amenities will include a lecture hall, computer learning center, art gallery, cooking demonstration kitchen and an outdoor landscaped park with a trail. THW Design is the project’s architect, StudioSIX5 is the interior designer and Balfour Beatty is the general contractor.

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915 Meeting St.
DevelopmentLeasing ActivityMarylandOfficeSoutheast

Choice Hotels Moves Headquarters to Pike & Rose Office Tower in North Bethesda, Maryland

by Julia Sanders

NORTH BETHESDA, MD. — Choice Hotels International Inc. has signed a long-term lease to occupy 105,000 square feet in 915 Meeting St., a 276,000-square-foot office building to be constructed in North Bethesda. The office tower will be situated within Pike & Rose, a mixed-use development owned and developed by Federal Realty Investment Trust. Expected to break ground later this year, 915 Meeting St. will serve as Choice Hotels International’s new headquarters. Bernie McCarthy and Danny Sheridan of JLL represented Federal Realty in the lease negotiations, and Steve London of Savills represented Choice Hotels. The 16-story office building will feature amenities such as a rooftop conference center with collaborative common areas and a fitness center, as well as 9,600 square feet of ground floor retail space, approximately 25,000-square-foot flexible floor plates and 700 dedicated parking spaces. Gensler designed the building to achieve LEED Gold certification. Pike & Rose is a transit-oriented mixed-use development with more than 400,000 square feet of retail, services, dining and entertainment offerings. The development includes 300,000 square feet of existing office product as well, which includes tenants such as Bank of America, JLL, Industrious, OneDigital and Federal Realty’s corporate headquarters. The building is 40 percent preleased to …

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