X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.