Canyon JV to Develop Class A Apartment Project in Prince George’s County, Md., for $93M
- Dec 18, 2013
By Keith Loria, Contributing Editor
Canyon Capital Realty Advisors L.L.C. is teaming with Peter N.G. Schwartz and Hensel Phelps on the development of Apollo Residences at Town Center, a $93 million, 417-unit Class A apartment project in Camp Springs, Md.
Expected to be completed in 2014, the multi-family community will include six interconnected buildings ranging from four to six stories, with courtyards and an interior structured parking garage with 690 spaces.
“This is a compelling investment opportunity for Canyon Realty based on the proven local demand for multi-family housing, the property’s unique access to the Metro Green Line and our partners’ development experience, capability and visions,” David Ridini, Canyon Realty’s managing director, said in a company release.
The homes will feature full walk-out balconies with French doors, chef quality kitchens with stainless steel appliances, granite countertops and walk-in closets. The property will also include a fully equipped wellness club, media room, pet spa, Internet café, swimming pool and walking trails with lush landscaping throughout the 7.7-acre site.
Construction on the Apollo Residences at Town Center began last month after the closing of Canyon Realty’s equity investment and Bank of America’s $69.2 million senior construction loan.
The Apollo Residences at Town Center will be located at the intersection of Capital Gateway Drive and Telfair Boulevard in the heart of the Baltimore/Washington corridor.
“We have been very active in the Washington, D.C., area for many years, and Camp Springs is exactly the type of dense, urban market where our fund invests,” said Matthew Dicker, Canyon Realty’s director.
The development will be adjacent to the Branch Avenue Metrorail Station, the southern-most point on the Metro Green Line, and within one mile of the Capital Beltway (I-495), providing access to Washington, D.C., Maryland and Virginia. The apartments will also be nearby several employment centers, including the Suitland Federal Center, DHS St. Elizabeth’s campus, National Harbor and Joint Base Andrews Air Facility.
“The Apollo Residences at Town Center is a terrific project that will meet the growing demand for rental housing we’ve seen in the community,” Peter N.G. Schwartz, PNGS Management Company’s president, said in the release. “We appreciate Canyon Realty’s involvement, and we look forward to working together to transform the property into a dynamic and thriving neighborhood that will be a true community asset.”
The PNGS portfolio already includes the One Judiciary Square Office Building, which is one of the largest and most prominent development projects in the Washington, D.C., area.