GLENMONT, MD—Bethesda, MD-based Winchester Homes reports it has acquired 89 lots here located opposite the Glenmont Metro Center here. The company says the deal took two years to close.
“The Glenmont acquisition is part of a larger strategy for Winchester Homes to further expand the urban infill market as subdivision development becomes more scarce,” says Alan Shapiro, president of Winchester Homes. “We have a huge appetite for this type of development right now, and Glenmont Metrocentre is an opportunity to showcase a type of home designed specifically for this high-demand area.”
No financial terms of the transaction were announced.
The four-story townhomes planned at Glenmont Metrocentre will feature two floor plans that will range in size from 1,830 square feet to 2,309 square feet. Each home will include a standard fourth floor with its own roof top terrace. Pricing is anticipated to start in the mid $400,000s, with sales expected to begin in January 2016.
“The Glenmont Metro location was of great interest to builders and developers here in the Washington D.C. area, and presented a very competitive opportunity,” Shapiro says. “We were selected because of our reputation for being a reliable, solid partner and for following through on projects. Our expertise in entitlement and land development for such a complex project was a major draw, and our product excellence and marketing power also figured into the seller's decision to select Winchester Homes.”
Glenmont Metrocentre is located close to Glenfield Local Park, Saddlebrook Local Park, and Glenmont Greenway Urban Park. The neighborhood offers a walkable lifestyle near shops, and restaurants. Montgomery County is putting in place an improvement incentive for local retailers near the Glenmont Metrocentre to rejuvenate the area as well, company officials say.
“Winchester Homes has strong local relationships and entitlement expertise building in Montgomery County,” said Shapiro. “With very few new developments currently in the area, we are thrilled to have the opportunity to deliver another new community to this underserved market.”
The other large new home community in Montgomery County is Poplar Run, where Winchester is also currently developing 773 new homes.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.