Archstone Commences Construction of 349-Unit Apartment Project in Suburban DC
- Dec 29, 2010
Gaithersburg, Md.–Anticipating increasing demand for Class A apartments, Archstone has kicked off construction of Archstone Olde Towne in Gaithersburg, Md., a 349-unit development that will sit about 25 miles north of Washington, D.C.
Olde Towne will be a transit-oriented development occupying six acres immediately adjacent to a commuter rail station in historic downtown Gaithersburg. Archstone is not pulling any punches in terms of positioning the apartment community to outshine the competition. In addition to 15,000 square feet of ground-level retail and an above-ground parking facility, Olde Towne will feature a long list of amenities, some of which are not commonly available at multifamily destinations in Montgomery County. A fully equipped “re-oxygenating” fitness center, a pet grooming salon and a resident greenhouse will be among the unique offerings.
Archstone, which is financing the development of Olde Towne with an $89.9 million FHA-insured Section 221(d)4 loan through CWCapital, points to the property’s location in the Montgomery County Technology Corridor as the main source of demand. The Technology Corridor is one of the top biotechnology research hubs in the country. “The area’s unique combination of a growing technology employment base, strong demographics, exciting growth projects like the new Science City, and easy access to mass transit make it an outstanding location for high quality institutional investment,” Neil Brown, chief development officer with Archstone, says in a prepared statement.