High Street Residential, SREP Break Ground on Maryland Community
The property is expected to be delivered by late 2027.
Construction has begun on The Terrace, a four-story, 300-unit multifamily property located in Frederick, Md., being developed by a joint venture of High Street Residential and SCOA Real Estate Partners. The development is slated for completion by December of 2027.
The property is located on the site of the former Terrace Lanes Bowling Center, which closed in May of 2022. The city of Frederick is about 46 miles west of Baltimore and 50 miles northwest of Washington, D.C.
Dwell Design Studio is the architect for the project and Morgan-Keller Construction is serving as the general contractor.
Rich McPhillips, a principal with High Street Residential in Washington, D.C., noted that the project represents an opportunity to transform an underutilized property into a residential community that will be within walking distance of downtown Frederick and the city’s Baker Park, which has jogging and biking trails, playgrounds and a lake.
The Terrace’s Details
Located at 10 W. College Terrace, the property will have a mix of one-, two- and three-bedroom units ranging in size from 725 to 1,474 square feet. Unit interiors will include nine-foot ceilings, stainless steel appliances, quartz countertops, luxury vinyl tile flooring and kitchen islands. There will be built-in desks and mud rooms in select apartments.
Community amenities will include a sky lounge with indoor/outdoor space and views of the Catoctin Mountains, a swimming pool with a grilling area, game area, large dog park and EV charging stations. The property will also offer rentable storage units, free-standing garage spaces and tuck-under parking spaces.
Active Developer
High Street Residential, the residential subsidiary of Trammell Crow Co., has about 13,000 units under development in varying stages. In the last 15 years, the firm has completed 15,000 units valued at nearly $5 billion.
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In October, HSR and PGIM Real Estate completed Huxley Scottsdale, a 192-unit community in Scottsdale, Ariz. The five-story building located at 8555 W. Raintree Drive has a mix of studio, one- and two-bedroom units.
Last August, HSR sold Matson Mill, a 280-unit luxury community in Conshohocken, Pa., near Philadelphia. The property was completed in 2022 as part of a joint venture between HSR and MetLife Investment Management. It has studios, one- and two-bedroom apartments.
SCOA Real Estate Partners is a wholly owned subsidiary of Sumitomo Corp. of America. SREP is a developer of multifamily properties and master-planned residential communities as well as industrial assets. In February 2024, SREP teamed with Trademark Property Co. to build The Vickery, a 307-unit luxury community in downtown Fort Worth, Texas. The developers secured $61 million in construction financing from First United Bank for the project that is slated for delivery by spring 2026.
