This story was originally published in Multifamily Executive.
A joint venture between real estate investment firm Elion Partners and development firm Buchanan Partners has broken ground on the first new multifamily community in Glenmont, Md., in decades. Atelier, set to open in the third quarter of 2020, will add 254 new luxury multifamily units next door to the Glenmont Metro station.
“This type of transit-oriented development is long overdue in Glenmont, with its close proximity to Metro, bike trails, shopping, parks, and employment centers,” says Jimmy Roembke, principal of Buchanan Partners. “We are excited to bring an amenity-rich lifestyle to this supply-constrained submarket.”
The Atelier community is located within a three-minute walk of the Glenmont station, with units ranging in size from studios to two-bedroom units with dens. Each one offers stainless steel appliances, granite countertops, kitchens with built-in wine racks, glass-enclosed showers, and options for wrap-around counters and kitchen islands.
The community’s two courtyards will provide grilling stations, lawn games, and an outdoor movie screen for resident use. A swimming pool, dog park, and rooftop deck are also located outdoors. Indoor amenities include a clubroom with billiards, shuffleboard, a poker table, and a catering kitchen; a fitness center with a yoga room; a movie and media room; a business center and conference room; a pet spa; and private parking garage with bicycle lockers and a bike repair station.
“Due to the strong demographic growth in this submarket and its supply-constrained nature, our long-term investment in this asset will service professionals seeking close-in housing, lifestyle amenities, and a convenient commute to downtown Washington, DC,” adds Juan DeAngulo, managing partner and co-founder of Elion Partners.
The community is designed to meet National Green Building Standard certification, and a rooftop solar array will generate most of the power for common areas. Part of the project’s financing came through a $57 million loan with the Department of Housing and Urban Development’s 221(d)4 program, which will provide construction-to-permanent financing over the next 40 years.
This story was originally published in Multifamily Executive.