Klein Enterprises has acquired a development site in a off-market transaction from Peter N.G. Schwartz Management, fully approved for the construction of a 379-unit multifamily community, in Largo, Md.
Construction on the property is slated to begin in early 2023, with completion scheduled after 24 months. Chesapeake Contracting Group will be the general contractor and a third-party management will be brought to operate and lease the community.
The Class A property will feature studios, one- and two-bedroom apartments ranging between 581 and 1,046 square feet. Common-area amenities will consist of a fitness center, a swimming pool, a resident lounge, barbeque grilling areas, a dog park and charging stations for electric vehicles. In-unit amenities will include stainless steel appliances, washers and dryers, walk-in closets and electronic entry. The property will also benefit from a rooftop solar system.
Located at 9300 Grand Blvd., the development site is close to Interstate 95, Landover Road and Central Avenue. A variety of retail spaces, dining options and entertainment venues are in the property’s proximity. University of Maryland Capital Region Medical Center is only 0.6 miles from the site. Green areas like Southwest Branch Stream Valley Park and Summerfield Park are within a 2.5-mile radius. The community will be located in an opportunity zone designated for investment and will be surrounded by several major employers.
Klein Enterprises is planning to pursue several green initiatives at the property to achieve LEED certification. Among national leaders, Washington, D.C., comes in second for the number of multifamily projects that achieved LEED certification during the first half of 2022.