Chesapeake Realty Partners and Bernstein Management Corp. (BMC) will develop and build six new apartment communities comprising over 1,250 residences in Maryland, Virginia and Washington, D.C.
The $250 million investment, the first venture between the two organizations, is expected to begin construction in winter of 2013/14.
Details on the six properties include the following:
- 2251 Wisconsin Ave., located in the Glover Park neighborhood in Washington, D.C., an 82-unit residential rental property on land presently used as a surface parking lot; as well as renovation and expansion of an existing 28,277-square-foot multi-story retail building.
- Paragon at Columbia Gateway, a 320-unit rental apartment community at I-95, MD 175 and MD 108 on the largest undeveloped residentially zoned parcel in Columbia, MD.
- 2 East Wells Street, construction of 153 loft-style apartments, 6,000 square feet of ancillary retail space
and attached structured parking in South Baltimore. This property is directly across the street from 1901 S. Charles Street, a new 193-unit apartment building developed by CRP in 2012.
- The Winthrop, a 295-unit apartment community in downtown Towson, MD, close to 3.7 million square feet of office space
, over 1.5 million square feet of retail and both Towson University and Goucher College.
- 900 Thayer Avenue, to be built on one of the few remaining undeveloped tracts in the heart of downtown Silver Spring, MD. The project will include 124 apartments, 5,000 square feet of ancillary retail space and attached structured parking.
- Accotink Village Fort Belvoir, in the newly constructed Tulley Gate, where Fairfax County Parkway and Route 1 converge in SE Fairfax County, VA in the heart of Fort Belvoir. Comprising 283 apartments, 10,000 square feet of ancillary retail space and attached structured parking.