GERMANTOWN, MD. — Developer Wood Partners has broken ground on Alta Liberty Mill, a $60 million multifamily community in the Washington, D.C., suburb of Germantown, Md. The 304-unit apartment complex will also include 11,900 square feet of retail space.
Designed by Poole & Poole Architecture, the property will be located on 8.5 acres on Waters Road, directly across from the Germantown MARC commuter rail station. The three LEED-certified, five-story buildings will be accompanied by 454 surface parking spaces.
Wood Partners expects leasing to begin in the fall of 2014 and the complex to be completed by fall of 2015.
“This transit-oriented community will be far superior to anything available at comparable rental projects in the immediate submarket,” says Scott Zimmerly, director of the Mid-Atlantic region of Wood Partners. “Alta Liberty Mill is ideally located in rapidly developing Montgomery County, the third-largest biotechnology center in the United States.”
The property will offer studio, one-, two- and three-bedroom layouts averaging 939 square feet. Thirty-eight of the units will be Moderately Priced Dwelling Units, leased at no more than 65 percent of the median income for the Washington, D.C., metropolitan statistical area, while the remaining units will be leased at market rate.
Apartment interiors will feature granite countertops, stainless steel appliances and vinyl plank flooring. Community amenities will include a clubhouse, business center, fitness center, conference room, swimming pool, outdoor kitchen and car wash station.
Germantown is bisected by the active I-270 Technology Corridor submarket. Montgomery County is home to national and international companies such as Discovery Communications, Coventry Health Care, Lockheed Martin and Marriott International.
Atlanta-based Wood Partners was founded in 1998 by three colleagues at Trammell Crow Residential. To date, the company has been involved in more than $7 billion worth of multifamily developments and acquisitions and currently owns 77 properties nationwide.
— John McCurdy