Gilbane Development Opens Affordable Community in Metro DC
Amazon’s Housing Equity Fund originated the $56.3 million in construction financing for the 451-unit property.
Gilbane Development Co. has opened Atworth, a 451-unit transit-oriented affordable housing community in College Park, Md. The developer secured a $56.3 million low-rate construction loan originated by Amazon’s Housing Equity Fund.
Under Metro’s Joint Development Program, Gilbane Development Co. is leasing a portion of Metro’s station property. For the duration of the 98-year lease, the community will provide housing for families earning 80 percent of the area median income.
Back in 2021, Amazon pledged to invest more than $2 billion through its Housing Equity Fund in creating affordable housing. The firm poured $124.4 million in transit-oriented housing to build 1,060 units in the states of Maryland and Washington. Amazon also provided $16 million in construction financing for Gilbane’s Sovren – a 293-unit transit-oriented affordable-housing community in Hyattsville, Md.
READ ALSO: Finding Solutions to the Workforce Housing Squeeze
Built on a 6-acre site, Atworth comprises studio and one- to three-bedroom floorplans ranging from 407 to 1,336 square feet. Apartments feature stainless-steel appliances, quartz countertops, as well as hardwood-style plank flooring. Select units are equipped with balconies or patios.
Community amenities include a swimming pool, a yoga studio, two courtyards, a coworking lounge with private pods, a gym, a herb garden and a fifth-floor terrace. A total of 324 parking spaces, as well as a 5,000-square-foot ground-floor retail space, are also available.
Located at 4201 River Road in Prince George’s County, Atworth is 2 miles east of U.S. Route 1 and roughly 6 miles west of Interstate 495, while Washington, D.C. is 11 miles to the southwest. Neighbored by the Metro and Maryland Assessment Research Center, the community will provide access to the future MTA Purple Line. The property is also next to Fort Reno Park, which provides access to a baseball field and multiple tennis courts.
Witnessing Washington’s multifamily supply pipeline
A recent Yardi Matrix report shows metro D.C. had a steady supply pipeline of 33,196 units under construction as of December. Developers brought online 12,002 units during 2023, while 12,162 units are expected to come online this year—equating to 2.1 percent of total stock.
In the first quarter of 2024, eight properties came online in metro D.C., totaling 1,730 units, according to Yardi Matrix data. This volume marks a sharp decrease from the first three months of 2023, when developers delivered 3,609 units.
