COLUMBIA, MD-The Evergreens at Columbia Town Center, an upscale apartment community developed for active adults of 55 years and over, has made its official debut. RMJ Development Group is behind the creation of the multifamily community, which offers 164 units. "The Evergreens is the first active adult luxury rental project in the area," says RMJ managing principal John D. Rhoad, Jr. "Most independent senior living facilities in the Washington/Baltimore corridor consist of either market-rate for-purchase homes or income-limited rental housing."
Located just off Route 29, the Evergreens is at 10101 Governor Warfield Pkwy., adjacent to the nearly 1.4-million-sf the Mall in Columbia. Residents have access to a golf putting green, outdoor pool and whirlpool, greenhouse, fitness center, business center, library, clubroom and a separate guest suite. The total development cost for the four-story, wood-framed building has not yet been made available; however, according to project architect Hord, Coplan, Macht, the cost of construction--which was handled by general contactor Clark Realty Builders--was an estimated $13 million.
According to RMJ, there is a significant demand for apartment communities such as the Evergreens. "Given the overheated state of the real estate market, renting rather than buying makes a lot of sense for older individuals who are downsizing," says RMJ principal Douglas Erdman, who is also president of the Evergreens' management company, Community Realty Inc.
Additionally, the National Association of Home Builders offers further explanation for interest in such properties. "The demographic factors--baby boomers who want second homes or smaller-scale, maintenance free living, and the echo boomers just entering the work force--both serve to support a rising demand for condos and apartments," NAHB chief economist David Seiders notes in an update issued by the organization on June 1.
"As they age, the baby-boom generation will not be interested in traditional retirement communities," Rhoad adds. "Many want to continue working part-time, volunteering, spending time with grandchildren, attending concerts, and otherwise staying active. The Evergreens is designed to serve this market niche."
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