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Jul. 26, 2013

Greystar Completes Renovation at Silver Spring’s Warwick Apartments

The Warwick Lobby After Renovations thumbnailBy Jeffrey Steele, Contributing Writer

Silver Spring, Md.—Construction and renovations are complete at The Warwick Apartments, a 396-unit landmark apartment community in Silver Spring, Md. Greystar invested $11 million in the 18-month-long construction project.

The Warwick is a 21-story high-rise apartment building that has been an icon of the city’s skyline for more than 45 years. The property includes some of Silver Spring’s most spacious apartment homes. Its selection of studio, one-, two- and three-bedroom floor plans average almost 1,160 square feet in size.

The Warwick Apartments is located near retailers and eateries, as well as the recreational opportunities afforded in nearby Sligo Creek Park. It also provides residents quick and easy access to I-495 and I-95, as well as the Metro bus line.

“It was clear from our first tour that The Warwick was an iconic asset within Silver Spring, and it had a long history in the market,” Doug Root, Washington, D.C.-based senior director of investments for Greystar, tells MHN. “Many Silver Spring residents had called The Warwick home since its original construction in 1966. But it had never seen a renovation. Nearly all of the comparable assets in the submarket had seen a makeover in the last five to 10 years. So it was apparent we could create value from a comprehensive repositioning of the asset, while simultaneously improving the property for the community.”

A renovation of this scale always carries with it challenges, Root adds. The renovation included approximately $11.5 million of heavy capital work that included everything from a full exterior re-skin and full balcony replacement to a comprehensive interior upgrade of all the common areas and the addition of an amenity package, Root reports.

“Keeping our residents happy is our primary goal, and we pride ourselves on having the best on-site staff in the business,” he adds. “Typically, a renovation of this nature would result in a huge drop in occupancy, as it is extremely disruptive to our residents. We are very lucky to have such a fantastic staff on site. [The staff was] able to keep our residents happy during the renovation, and keep our occupancy stable through nearly two years of renovations.”

The renovated units feature a number of upscale finishes, including modern kitchen cabinetry, granite countertops and black appliances. Residents are granted a selection of flooring that includes hardwood, modern carpeting or a mix of both. Floor plans showcase spacious walk-in closets, large private balconies and patios no longer commonly seen in recently built rental properties.

Residents will be able to enjoy a new fitness center, business center, California kitchen, coffee bar, upgraded community room, conference rooms and grand lobby with leasing offices. Also featured are a concierge service and outdoor swimming pool. Just steps from the property are miles of trails and running paths at Sligo Creek Park and Wheaton Regional Park.

The renovations to The Warwick will imbue this section of Silver Spring with a new dynamic, Root notes. “Until the completion of the renovation, it was very difficult to find luxury high-rise living at an affordable price in this area,” he says.

“This renovation provides prospective residents with a unique opportunity to lease a very large, well-appointed unit at an affordable value. While the area is already popular for families, we expect that more and more residents will look to this area for the aforementioned attributes of The Warwick.”

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