Washington Property Co. Starts Wheaton Project, Eyes Bethesda

WHEATON, MD-Washington Property Co. is beginning development on a 232-unit, $75-million luxury apartment house here. The complex will be located two blocks away from the Wheaton metro station on the Red Line, at the site of the former First Baptist Church of Wheaton. The church, which worked with WPC to sell its 50-year-old building, is moving to Olney, MD.

WPC is branding the asset Solaire-Wheaton. It will be the company’s second Solaire-branded apartment, the first being the newly-delivered property in nearby Silver Spring. RBS Citizens Bank provided the construction financing. Clark Builders Group is the general contractor for the project and Gables Residential will provide property management and leasing services when it starts operations. The project is expected to deliver in 18 months. About 90 days before the scheduled delivery, WPC will start pre-leasing.