COLLEGE PARK, MD—Monument Realty andReal Estate Capital have closed on two parcels ofland here on which they plan to develop a multifamily complexcalled Monument Village at College Park. Theproject will have 235 apartment units and 4,800-square feet ofground floor retail. It will be located at Baltimore Ave. andCherokee St. close to the University of Maryland.

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The company expects it will receive final approvals for theproject this month, with construction slated for September. Peopleshould be able to start moving in by early 2016, the companyestimates. The James G Davis Construction Corp. will develop theproject with the civil engineering services provided by VIKA.

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Monument principal Michael Darby says the College Park submarketis underserved for multifamily, especially for affordable housing."This project will help satisfy that demand," he says in a preparedstatement.

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Steven Varga at Enterprise Realty represented one of the twosellers in the transactions – University House at Hillcrest LP. Thesecond parcel was owned by another LLC.

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