Saturday, June 21, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Maryland

Pointe-View-Aspen-Hill-MD
DevelopmentMarylandMultifamilySeniors HousingSoutheast

Pennrose Tops Out 120-Unit Seniors Housing Community in Maryland

by Amy Works

ASPEN HILL, MD. — Pennrose has completed vertical construction of Pointe View at Aspen Hill, a 120-unit, mixed-income seniors housing community in Aspen Hill, located just north of Washington, D.C. Located on a nearly six-acre parcel, the development features 61 one-bedroom and 59 two-bedroom apartments. Harkins Builders is the general contractor, while Architecture by Design is the architect. The affordable, independent living community will be restricted to residents age 62 or older, with 108 units reserved for those making between 30 percent and 60 percent of area median income. The remaining 15 percent of units are designated as “very low income.” Pennrose has partnered with The Senior Connection to provide residents with transportation resources and programing to assist with daily living activities, such as managing bills or household paperwork. In addition, the development will be served by both the Montgomery County Transit Ride-On and WMATA bus lines and residents will be near to retail, healthcare resources and the county’s largest senior center.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsLoansMarylandMultifamilySoutheast

Charger Ventures Receives $30.1M in Acquisition Financing for Apartment Complex in Maryland

by Amy Works

LEXINGTON PARK, MD. — Charger Ventures has received $30.1 million in financing for the acquisition of Greens at Hilton Run, a garden-style multifamily community located at 46860 Hilton Drive in Lexington Park. Jamie Leachman and Nicole Brickhouse of HFF secured the 10-year, fixed-rate loan through Freddie Mac’s CME Program for the borrower. The securitized loan will be serviced by HFF. Charger Ventures plans to continue the seller’s interior unit renovation program, as well as upgrade the clubhouse and amenities. Developed in 1988 and 1992, Greens at Hilton Run features 328 apartments in a mix of one-, two- and three-bedroom units averaging 927 square feet.

Continue Reading
FacebookTwitterLinkedinEmail
IndustrialMarket ReportsMarylandSoutheastSoutheast Market Reports

After Record-Setting 2017, Baltimore Looks to Extend Its ‘Industrial Revolution’

by John Nelson

The greater Baltimore metropolitan region achieved positive absorption of more than 6 million square feet of warehouse and industrial space in 2017, smashing the previous record by several million square feet and triggering yet another wave of speculative development activity. While on the surface there seems to be no end in sight to this unprecedented level of activity as we cross the midway point of 2018, there does exist several warning signs that are worth monitoring. But, who wants to dwell on anything remotely negative, when experiencing a seemingly end-less supply of 600,000-square-foot requirements? A Major Industrial Market The Baltimore-Washington, D.C. region is considered the fourth largest MSA in the country with more than 10 million people in the Combined Statistical Area. Several major seaports are within close proximity, approximately one-third of all consumers residing in the United States can be accessed within a one-day truck drive and developable land is still avail-able, although an increasing number of projects involve the demolition of unusable product to make way for the modern variety. Local fundamentals mirror conditions found in “white-hot” sections of the country, including the Inland Empire in Southern California, Northern New Jersey and sections in Pennsylvania where Interstates 81 …

Continue Reading
FacebookTwitterLinkedinEmail
Leasing ActivityMarylandRetailSoutheast

Kimco Signs 66,450 SF Lease with Giant Food at Mill Station Project in Baltimore County

by Camren Skelton

OWINGS MILLS, MD. — Kimco Realty Corp. has inked a 66,450-square-foot lease with Giant Food at Mill Station, a $108 million project located at the site of the former Owings Mills Mall in Owings Mills, about 18 miles northwest of Baltimore. The grocer will join previously announced tenants including Lowe’s Home Improvement, Marshalls, HomeSense, Burlington, Five Below, AMC Theatres and Costco, which is scheduled to open next month. With the addition of Giant Food, the 621,000-square-foot center is roughly 90 percent leased. Upon completion, Mill Station will house up to 30 tenants and feature green space, a courtyard and walkways connecting to existing office and retail space.

Continue Reading
FacebookTwitterLinkedinEmail
Market ReportsMarylandOfficeSoutheastSoutheast Market Reports

Job Growth, Low Unemployment Keep Office Development Churning in Baltimore

by John Nelson

Continued job growth, coupled with a 4.3 percent unemployment rate (down from nearly 9 percent in 2010) in the greater Baltimore metropolitan region are the primary reasons giving real estate development companies the confidence to construct speculative commercial office buildings in select submarkets throughout central Maryland. After delivering more than 1 million square feet of space in Baltimore City, another 1.6 million is presently rising in the downtown skyline. Industries including financial services, medical and healthcare, education, cybersecurity and manufacturing continue to exhibit excellent health, and a location approximately 40 miles from the center of Washington, D.C., remains one of Baltimore’s most valuable assets. Below is a quick scan around the entire metro area: Canton Merritt Properties announced plans earlier this year to construct a 20-story, 200,000-square-foot speculative office building along Boston Street. Previously announced, but yet to begin just several streets away, is Corporate Office Properties Trust’s $1 billion project containing more than 1 million square feet of commercial office and retail space. Since the opening of The Shops at Canton Crossing, a shopping center developed by 28 Walker Associates several years ago, this submarket has experienced a retail renaissance, although the inclusion of new commercial office product is …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMarylandMultifamilySoutheast

FCP Sells Two Multifamily Communities in Metro D.C. for $56M

by Camren Skelton

ST. CHARLES, MD. — FCP has sold two multifamily properties in St. Charles, roughly 30 miles south of Washington, D.C., for $56 million. Preservation Partners acquired the assets, which include the 136-unit Headen House and the 204-unit Huntington. The communities are part of a larger portfolio that FCP acquired in 2009. Over the past eight years, FCP repositioned and sold portions of the portfolio. All of the units at Headen House and Huntington are affordable under the U.S. Department of Housing and Urban Development’s (HUD) Section 8 program.

Continue Reading
FacebookTwitterLinkedinEmail
LoansMarylandMultifamilySoutheast

Walker & Dunlop Arranges $69.9M Fannie Mae Financing for Multifamily Acquisitions in Atlanta, Richmond Suburbs

by Camren Skelton

BETHESDA, MD. — Walker & Dunlop has arranged $69.9 million in Fannie Mae financing for the acquisition of three multifamily properties located in the Atlanta and Richmond, Va., metro areas. Andrew Tapley and Alexandra Huffman of Walker & Dunlop arranged the financing on behalf of the borrower, Capital Square 1031. The financed portfolio includes Ivy Commons Apartments in Marietta, Ga., roughly 24 miles northwest of Atlanta; Axis 147 in Chesterfield, Va., roughly 17 miles south of Richmond; and Mayton Transfer Lofts in Petersburg, Va., approximately 24 miles south of Richmond. Both Mayton Transfer Lofts and Ivy Commons qualified for Fannie Mae’s Green Rewards program. Community amenities across the portfolio include business centers, dog parks, fitness centers and swimming pools.

Continue Reading
FacebookTwitterLinkedinEmail
Market ReportsMarylandRetailSoutheastSoutheast Market Reports

Long-Awaited Retail Projects are Springing to Life All Around Baltimore

by John Nelson

A number of high-profile retail and mixed-use developments throughout the greater Baltimore metropolitan area have been stuck in neutral over the past few years, with issues rang-ing from changes to the local real estate environment, construction issues, leasing challenges related to store closings and consolidations, corporate reevaluations and the constantly shifting tastes and shopping habits of the Baltimore consumer. Successful retail projects must en-joy a string of positive outcomes (as well as luck), including support from retailers, the capital markets and the local community. Below is a rundown of local retail or mixed-use developments that have recently sprung to life, as well as some that still remain on the starting block. Mill Station in Owings Mills Owings Mills Mall opened to sig-nificant fanfare in 1986 and stood face-to-face with a wrecking ball in 2016. Numerous ownership groups, design iterations and new retail projects emerging within close proximity kept pushing its reincarnation back further. Finally, the renderings of the “de-malled” project were unveiled to the public last fall, along with announcement of several leasing successes. This summer, construction remains in full bore leading up to an expected fall opening of Costco, followed by Lowe’s Home Improvement, Home-sense, Burlington and Five Below, …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsHospitalityMarylandSoutheast

HREC Brokers Sale of 152-Room, Hilton-Branded Hotel in Metro Baltimore

by Camren Skelton

COLUMBIA, MD. — HREC Investment Advisors has arranged the sale of the 152-room DoubleTree by Hilton Hotel Columbia in downtown Columbia, roughly 19 miles southwest of Baltimore. A joint venture between LTD Hospitality Group and Sefira Capital acquired the asset for an undisclosed price. Ketan Patel and Kevin Kanley of HREC arranged the transaction on behalf of the seller, RLJ Lodging Trust. The hotel features meeting space, a fitness center, heated indoor pool and an onsite restaurant and bar.

Continue Reading
FacebookTwitterLinkedinEmail
Market ReportsMarylandMultifamilySoutheastSoutheast Market Reports

Baltimore’s Multifamily Market is Growing at an Unprecedented Rate

by John Nelson

For years, others have considered Baltimore a second-tier market on the Interstate 95 Corridor, lacking the excitement that cities like Philadelphia and Washington, D.C., offer. Not so any more. Baltimore has evolved into a top-tier housing market that is nationally recognized by the investment community. No longer a collection of relics from the “rust belt” banking town that it was decades ago, Baltimore is now a mosaic of adaptive reuses and a hot-bed for tech jobs. The Charm City is an incubator for creativity and entrepreneurship that sprouts from the world-renowned medical and educational institutions such as Johns Hop-kins and the University of Maryland Baltimore. As a result, net absorption for new multifamily units in 2017 surpassed city records and continues to grow at unprecedented rates. There are many factors that contribute to strong levels of demand in a market, such as job growth, affordability and developers creating attractive space targeting all demographics. Baltimore’s evolving job market continues its rapid expansion, driven primarily by “eds and meds.” The sector experienced 19 percent growth over the 10-year average and expand-ed 2.5 percent in 2017. Residents specifically target areas where they can live, work and play, and with an expanding job market, …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts