Aventon Cos. to Build $100M Luxury Property in Maryland
- Jan 16, 2020
The 182-acre mixed-use, master-planned Crown community in Montgomery County, Md., is getting its second rental property, with Aventon Cos. breaking ground on a $100 million, 386-unit luxury apartment building. Aventon’s equity partner on the project is Sumitomo Corp. of America.
The seven-story Aventon Crown property will be located in the Crown Central neighborhood at the corner of Decoverly Drive and Fields Road. Slated for completion in fall 2021, Aventon Crown will have floorplans ranging from studio to three-bedroom units. The property will offer smart home technology, quartz countertops and upscale finishes.
There will also be 15,000 square feet of building amenities for residents including coworking lounges with private offices, fitness and yoga studios, gaming and media lounges, a podcast studio, private event space with demonstration kitchen, pet spa, automated package delivery, bike storage and repair shop, and covered parking. Outdoor spaces will include a resort-style pool, summer kitchen, fire pit, and coworking courtyard.
Designed by architects SK&I, the building will complement other housing designs in the neighborhood. The asset will also be certified under the National Green Building Standard for sustainability.
Development of Crown began in 2012. The master-planned community currently has 410 townhomes, 44 single-family homes, 538 apartments, 128 condominiums and 260,000 square feet of retail in the first two neighborhoods—Downtown Crown and Crown West. Construction in the Crown East neighborhood started in 2018 and will include 350 new homes including townhomes, condominiums and single-family homes along with open space and parks. When complete, the entire Crown Community will include up to 2,250 residential units and 320,000 square feet of retail and commercial space.
Mark Coletta, Aventon senior managing director, said in a prepared statement the location was chosen for its strong employment growth as well as excellent schools, transportation and quality of life.
Located in Gaithersburg, Md., the building provides convenient access to Interstate 270 and the 1-270 life sciences and bio-tech corridor. Major employers nearby include Glaxo Smith Kline, Medimmune, Shady Grove Hospital, the National Cancer Institute, National Institute of Standards and Technology, and numerous other science, software and federal government agencies. There is also a free shuttle to the Shady Grove Metro station.