JV Wins Equity Funding for D.C.-Area TOD
- May 01, 2017
A joint venture between Peter N.G. Schwartz Management Co. and Hensel Phelps Construction Co. obtained $16 million of preferred equity as part of the financing for the development of Allure Apollo in Camp Springs, Md. The property totals 384 units and will be located at 4401 Telfair Blvd.
Allure Apollo, planned to be a six-story property on a 5.8-acre site, will count as a transit-oriented development since it is adjacent to the Branch Avenue Metro Station, the last stop on the system’s Green Line. The property will consist of 18 studios, 176 one-bedroom apartments and 190 two-bedroom apartments.
Community amenities will include a wellness club, media room, game room, pet spa, pool, water garden, Zen garden and café, common-area Wi-Fi, 24-hour video surveillance and storage facilities. There will also be bicycle racks, electric car charging stations and 650 parking spaces.
Canyon Partners Real Estate provided the equity, making Allure Apollo the second preferred equity investment Canyon has made with Peter N.G. Schwartz and Hensel Phelps in its three-phase Camp Springs master plan. This project marks Canyon’s third joint venture with the two partners and its fourth investment with Hensel.
In 2001, Peter N.G. Schwartz Management Co. bought approximately 100 acres in the same part of Prince George’s County. In 2013, the company broke ground on the 417-unit Aspire Apollo (pictured), a previous JV with Hensel Phelps, which was completed in mid-2015.
“The Washington, D.C., market continues to remain strong, and significant job growth is anticipated with major companies and government agencies,” said Peter Schwartz of the eponymous company. That includes “the FBI, DHS and Andrews Air Force Base, expanding operations or relocating in Prince George’s County, driving the need for new multifamily supply.”