A joint venture between CP Capital and The NRP Group will develop White Oak, a 390-unit apartment community in Silver Spring, Md.
The land was acquired simultaneously with the closing of the joint venture. The price was not disclosed.
'With northeast Montgomery County projected to have limited construction activity over the next few years, White Oak will help fulfill an ever-growing need for best-in-class multifamily rental housing,' Kristi Nootens, co-head of CP Capital, told Commercial Observer. 'Silver Spring is a fast-growing suburb that offers convenient access to Washington, D.C., while also encompassing the employment, entertainment and retail benefits of an urban area without the pain points of actual city life.'
As working professionals and commuters seek rental housing options that are centrally located and also provide a wide range of desirable amenities, Silver Spring will continue to emerge as a sought-after rental market, Nootens noted.
The units will feature stainless-steel appliances, quartz countertops and vinyl wood flooring. Community amenities include an enclosed courtyard, a sundeck and pool, outdoor cooking and dining areas, a dog park, a pet spa, and an expansive fitness center.
The five-story development will be close to notable employers like the U.S. Food and Drug Administration, the White Oak Medical Center, the University of Maryland, the Walter Reed National Military Medical Center and Lockheed Martin. Within 16 miles of the site are more than 100,000 additional federal jobs.
The property offers direct access to Montgomery County's new FLASH Bus Rapid Transit System, Route 29, Interstate 95, and the MD-200 Intercounty Connector.
'White Oak's excellent connectivity to the broader Baltimore and Washington, D.C., metropolitan areas will be a major selling point for working professionals in the area,' Nootens said. 'With direct access to a variety of local transit systems, residents will be a quick commute from many of the area's major employment nodes, as well as the hustle and bustle of Washington D.C. and Baltimore.'
The project is slated to break ground in the first quarter of 2023 with the first units expected in the third quarter of 2024.
Keith Loria can be reached at EMAIL.