$75M Apartment Project Planned for Silver Spring
- Feb 20, 2012
McLean, Va.-based apartment developer Insight Property Group L.L.C. and partner Nova-Habitat Inc. of Chevy Chase have chosen the site of the Postal Service’s Silver Spring Post Office for a 310-unit, $75 million Class A apartment project. It would be Insight’s first expansion into Maryland.
Insight paid $7.1 million for the property. It represents the firm’s eighth acquisition in the past two years. Known as Fenwick Station, the site is located at 8616 Second Ave., two blocks from the Silver Spring Metro Station, and is bounded by Spring Street to the north, Second Avenue to the east, Fenwick Lane to the south and the CSX/Metro rail lines to west.
Developers are aiming for an environmentally sustainable LEED Silver certification and plan to construct a six-story building, 60 feet high, with 310 units. Amenities include a resident lounge and clubroom with kitchen and billiards, a business center, wireless Internet connectivity, an outdoor pool, a state-of-the-art fitness center, a yoga room, a guest suite and intensely landscaped courtyards and grounds. The developers will also construct two underground garage levels and a bike sharing station, and plans also to develop the surrounding plaza, adding new trees and benches.
The project comes at a time when demand is surging for rental units across the Washington area, especially in Silver Spring. Bethesda-based Eagle Bank provided financing for Insight’s Silver Spring acquisition. The developers chose Hord Coplan Macht, one of Baltimore’s largest architecture firms, to design the apartment building. The Postal Service’s lease on the property expires in August 2012. Insight plans to break ground in the fourth quarter of 2012.
Insight was founded by real estate veterans Richard Hausler and Michael Blum in late 2009. It acquires, repositions and develops well-located multifamily and mixed-use properties in the greater Washington, D.C., Metropolitan area.