CHARLES COUNTY, MD-Federal Capital Partners’ AmericanCommunities Properties subsidiaries is moving forward with itsmassive planned community in the county, having recently brokenground on a new apartment community called Gleneagles II.
Located in the Saint Charles development, Gleneagles II is a120-unit multifamily project that is scheduled to open next summer.The company doesn’t have specific plans for the next groundbreakingat Saint Charles, spokesperson Craig Renner tells GlobeSt.com.Currently, it is halfway through developing with the zoning rightsit has in the country, he says. The new building is next toGleneagles Apartments, a 184-unit property that delivered in Marchand is now 70% occupied.
Saint Charles is a 9,100-acre planned community that includesmore than 12,000 housing units, including the 2,500 apartmentsowned by ACPT. The community is zoned to include more than 24,000housing units when fully developed.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
