Elion, Buchanan Partners Break Ground in Suburban D.C.
- Mar 14, 2019
Buchanan Partners, together with Elion Partners, has broken ground on Atalier, a new luxury community in Glenmont, Md. AGM Financial Services arranged a $57 million loan using HUD’s 221(d)(4) program, which features construction-to-permanent financing, on a 40-year term. Jefferson Apartment Group will provide property management services, while the developer retained Coakley Williams as general contractor.
Atelier is the first new multifamily construction in Glenmont in decades, according to the developer. The community will be located at 2511 Glenallan Road, within walking distance of the Metrorail’s Red Line. Atelier will comprise 254 units, with floorplans ranging from studios to two-bedroom units with dens.
In-unit amenities include stainless steel appliances, granite countertops, glass-enclosed showers and double sink bathroom vanities. The developer of Atelier will seek to obtain National Green Building Standard certification. The community will have a rooftop solar panel array, generating most of the building’s power.
Luxury amenities, convenient distances
Common-area amenities include a clubhouse with various entertainment features such as billiards and a poker table, yoga room, rooftop deck with fire pit and outdoor movie screen. The building will include two courtyards with grill stations, as well as a pet spa and a dog park, 330 parking spaces, bicycle lockers and a bike repair station. Atelier is slated for completion in late 2020.
“Due to the strong demographic growth in this submarket and its supply-constrained nature, our long-term investment in this asset will service professionals seeking close-in housing, lifestyle amenities, and a convenient commute to downtown Washington, D.C.,” said Juan DeAngulo, managing partner & co-founder of Elion Partners, in a prepared statement. Downtown Washington, D.C., is about 12 miles away.
Elion expanded its Manhattan portfolio last summer, with the $66 million acquisition of two adjacent buildings on the Upper West Side, made in partnership with Dalan Management Associates.
Rendering courtesy of Buchanan Partners