Wood Partners Starts Work on $60M Apartment Project in Germantown
- Dec 30, 2013
A new apartment community is coming to Germantown, one of the fastest-growing jurisdictions in Maryland. Wood Partners, a national real estate company, recently broke ground on Alta Liberty Mill, a LEED-certified midrise complex located just across from the Germantown MARC commuter rail station.
Alta Liberty Mill will be developed on 8.5 acres of land at Waters Road in Germantown. At a cost of $60 million, the project is expected to be completed by autumn 2015. It will deliver 304 units in three LEED-certified, five-story wood-frame buildings with elevators and enclosed air-conditioned corridors. Plans also call for the construction of 11,900 square feet of ground-floor commercial space, as well as surface parking spaces for 454 cars. Midlothian, Va.-based Poole & Poole Architecture designed the project.
Alta Liberty Mill will include two studios, 139 one-bedrooms, 158 two-bedrooms and five three-bedrooms. According to Wood Partners, 38 of the units will be moderately priced dwelling units, or MPDUs, while the remaining 266 apartments will be leased at market rate. The MPDUs will be leased at no more than 65 percent of the area median income for the Washington, D.C., primary metropolitan statistical area. Leasing is expected to begin in autumn 2014.
The apartments will have an average square footage of 939. They will feature such amenities as granite countertops, stainless steel appliances and vinyl plank flooring. Community amenities include a 6,500-square-foot clubhouse, business center, fitness center, conference room and media center, a 2,500-square-foot swimming pool, outdoor kitchen, fire pits with seating and barbecue grills, cabana with outdoor fireplace, game lawn and car wash station.
Using the National Association of Home Builders’ formula to determine the local impact of multifamily housing, Wood Partners has ascertained that Alta Liberty Mill will generate $24 million in local income, $2.5 million in taxes and other revenue for local governments, and 366 local jobs. “This transit-oriented community will be superior to anything available at comparable rental projects in the immediate submarket,” said Scott Zimmerly, Wood Partners’ director for the Mid-Atlantic region, in a statement for the press. “Alta Liberty Mill is ideally located in rapidly developing Montgomery County, the third-largest biotechnology center in the United States.”
Photo credits: Wood Partners