Washington Property Co. Opens 232 Units in Suburban D.C.
- Jan 29, 2014
Wheaton, Md.—Washington Property Co. has almost completed work on the 232-unit Solaire Wheaton, a multifamily development in suburban Washington, D.C. Though a few touches remain to be done on the property, residents are now moving in.
The property counts as both TOD and sustainable. Located at the intersection of Georgia Ave. and Veirs Mill Road, it is within walking distance of the Wheaton station on Metrorail’s Red Line that links Washington, D.C., with its Maryland suburbs. There’s also underground parking with preferred spaces for low-emitting and fuel-efficient vehicles.
Meeting the criteria for LEED Silver certification, Solaire Wheaton has a variety of energy-efficient features. The building is oriented to maximize natural light, and its sun-reflecting white roof helps minimize building heat gain. The design also incorporates energy-efficient lighting and appliances, water-efficient plumbing fixtures, and onsite recycling centers. Indoor air quality is enhanced by low-emitting paints as well as a smoke-free policy.
Designed by Atlanta-based the Preston Partnership, the property includes over 7,000 square feet of amenity space, including a cyber cafe, resort-style swimming pool, and fitness center. Its residents lounge, which can be rented for private functions, features a demonstration kitchen, video gaming area, indoor-outdoor fireplace, and a variety of games, including billiards and shuffleboard.
The development is on the former site of the First Baptist Church of Wheaton, which renamed itself Streams of Hope Church relocated to Olney, Md. RBS Citizens Bank provided project financing for the property, with Clark Builders Group as the general contractor. Gables Residential is providing property management and leasing services.
Conditions will probably be a little tougher for the metro DC apartment market in the near future than they have been recently. According to investment specialist Marcus & Millichap, metro DC’s apartment stock is expected to rise 3.4 percent this year, potentially causing a misalignment of supply and demand that pushes vacancy higher. Currently, projected completions will exceed demand by nearly 6,000 units, and thus push vacancy to a level not posted since 2009, according to the company.