CRP at Work on Five Mid-Atlantic Apartment Properties
Chesapeake Realty Partners has started work on the development of five apartment properties in Maryland, Virginia and Pennsylvania. All together, the developments will total 1,260 residences and cost about $186.5 million.
By Dees Stribling, Contributing Editor
Owings Mills, Md.—Chesapeake Realty Partners (CRP) has started work on the development of five apartment properties in Maryland, Virginia and Pennsylvania. All together, the developments will total 1,260 residences and cost about $186.5 million, according to the developer, who also says the properties will be taking advantage of growth areas with few other multifamily projects in the works.
One of the projects in a particularly strong growth area is Reserve at Riverside. Clearing and grading for the development, which is in Belcamp, Harford County, Md., is currently under way. Phase I, financed by a $30.8 million loan insured by FHA under its 221(d)(4) program, will comprise 212 residences, while Phase II will include 188 residences.
The property is near the Aberdeen Proving Ground, which is growing exponentially as a result of Base Realignment and Closure (BRAC), a years-long U.S. Department of Defense initiative to close obsolete bases and expand others, such as Aberdeen. Because of Aberdeen’s expansion, the area around it is expected to add over 20,000 jobs in the next few years. CRP’s development, which will see initial occupancy in the fall of 2012, will be timed to take advantage of that fact.
Other developments by CRP are already under way. Work began this summer on 1901 South Charles in Baltimore, a 193-unit project with attached parking for 280 cars located in the Federal Hill neighborhood. The development was financed by a $29 million loan insured by FHA under its 221(d)(4) new construction program, and should be complete by mid-2012.
Construction also started this summer on the Overlook, a 288-unit property in East Pennsboro Township, on the south shore of the Susquehanna River near Harrisburg, Pa. Occupancy is slated for the spring of 2012.
Ellicott Meadows, an existing 96-unit apartment property in Ellicott City, Md., is now under management of CRP and its partner, Orchard Development, in anticipation of CRP’s acquisition of the property later this fall, at which time of construction will begin on 144 additional apartments and a community center on adjoining land. Initial occupancy of the new units will be in the fall of 2012.
Finally, the Courts at Historic Manassas is a joint venture between CRP and the Christopher Co. The 139-unit rental property is located in downtown Manassas, one block from the VRE commuter rail station, and its initial 27-unit building is fully occupied. The remaining two 56-unit buildings will be under way by mid-September.