Trammell Crow to Develop Apartments in Maryland
- Apr 08, 2015
Linthicum, Md.—Financing is now in place for Trammell Crow Residential (TCR)’s development of Alexan Concorde Circle, a 310-unit apartment property in Linthicum, Md. TCR will break ground in the second quarter of this year and will deliver the first units in Q3 2016.
MAC Realty Advisors, acting on behalf of TCR, raised about $22 million for the acquisition of the site and the development of the property. MAC placed the equity through an unspecified private equity real estate fund.
The 11.4-acre site is located off of Nursery Rd. and is a mile from the Baltimore Washington International Thurgood Marshall Airport (BWI), Amtrak and MARC stations. Roughly 3.5 million square feet of office space is within a one-mile radius of the project, according to TCR. Linthicum is in Anne Arundel County, near Baltimore.
The project demonstrates a continued interest by capital sources in suburban infill sites. A number of equity groups expressed interest in working with [TCR] in an “underserved submarket,” explained MAC executive director Bruce Levin.
Washington, D.C.-based MAC specializes in debt and equity placement, investment sales, land sales, and advisory services. TCR has developed more than 225,000 residential units in various markets since its founding nearly 40 years ago.