WPC Breaks Ground on $163M OZ Apartment Development
The developer secured a $92 million construction loan, in addition to Opportunity Zone funding, for the 403-unit, Maryland asset.
SILVER SPRING, MD – Washington Property Company (WPC) has broken ground on the 403-unit apartment tower, Solaire 8200 Dixon, in downtown Silver Spring, MD. The cost of the development totals $163 million.
To provide equity for the project, WPC has partnered with the joint-venture fund of Cresset Partners and Diversified Real Estate Capital, Cresset-Diversified QOZ Fund. The joint-venture closed a $470 million fund earlier this year to invest in Opportunity Zone real estate projects. The fund currently consists of seven projects, including Solaire 8200 Dixon.
For the development, WPC additionally secured a $92 million construction loan from AXA Equitable Life Insurance Company.
The 26-story apartment tower, located in an Opportunity Zone within the Ripley District, will serve as the city’s tallest building, and will additionally offer the area’s first food hall/city market. The food hall and market will be open to the public. Colicchio Consulting of Cushman & Wakefield has been contracted to assist in planning and programming the 15,000 square feet of space for the food hall/city market. The consulting group will also select an operator and curate vendors for the space. Eimer Design, a Philadelphia-based food hall architect, has been secured to create the space.
Clark Construction Company is scheduled to deliver the first apartments in mid-2022. The development will be designed by the architecture firm, Design Collective.
The asset will offer a range of multifamily amenities, including a rooftop fitness center, pool, sky lounge, pet spa, club room, co-working facilities, a catering kitchen, 24-hour concierge and package service and two guest suites for residents’ use.
75% of the apartments will be one-bedroom units, and the remaining 25% will offer two-bedroom layouts.
Through the project, WPC is continuing its work with the County to assist in transforming the Ripley District from industrial use to a transit-oriented neighborhood.
Solaire 8200 Dixon is WPC’s fifth Solaire community, following Solaire 1150 Ripley, Solaire Wheaton, Solaire Bethesda and Solaire 8250 Georgia Avenue, encompassing 1,400 rental apartments.
Based in Bethesda, MD, Washington Property Company (WPC) acts as a full-service commercial real estate company. The firm offers a range of real estate investment services including acquisition, land use, development, property management, leasing and construction management. The company has developed more than eight million square feet of commercial space in the DC metropolitan area, and currently has more than 1.6 million residential square feet under development.