COLUMBIA, MD-Wood Partners has a robust multifamily pipeline in the Washington DC area of about 800 units—to which it will add another 232 next June in Columbia. "This is a very strong market for multifamily, but what is most important for these project's success is the location," Scott M. Zimmerly, director of Wood Partners tells GlobeSt.com. "If you a have a good location, the demand will always be there."
As one example he points to the $60 million project that just broke ground in Germantown, MD. The project, Alta Liberty Mill, is a 304-unit apartment community with 11,900 square feet of commercial space located directly across the Germantown MARC commuter rail station.
The multifamily complex, to be built on 8.5 acres on Waters Road, will consist of three five-story wood-frame buildings with elevators. It was designed by Poole & Poole Architecture. Leasing is expected to begin in autumn 2014, and construction will be completed by autumn 2015.
Thirty-eight of the units will be Moderately Priced Dwelling Units, leased at 65% of the area median income.
Wood Partners also broke ground recently on Station 650 in Alexandria, VA. That project will deliver 183 units.
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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.
