COLLEGE PARK, MD—Monument Realty and Real Estate Capital have closed on two parcels of land here on which they plan to develop a multifamily complex called Monument Village at College Park. The project will have 235 apartment units and 4,800-square feet of ground floor retail. It will be located at Baltimore Ave. and Cherokee St. close to the University of Maryland.
The company expects it will receive final approvals for the project this month, with construction slated for September. People should be able to start moving in by early 2016, the company estimates. The James G Davis Construction Corp. will develop the project with the civil engineering services provided by VIKA.
Monument principal Michael Darby says the College Park submarket is underserved for multifamily, especially for affordable housing. "This project will help satisfy that demand," he says in a prepared statement.
Steven Varga at Enterprise Realty represented one of the two sellers in the transactions – University House at Hillcrest LP. The second parcel was owned by another LLC.
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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.
