Woodfield Investments and Bozzuto Partner on Md. Multifamily Community
- Aug 09, 2012
Gaithersburg, Md.—Woodfield Investments, a privately owned apartment development company, has partnered with Bozzuto Management Company on Hidden Creek, a 300-unit garden apartment community in Gaithersburg, Md.
“Initially, we were attracted to it because it was kind of a distressed sale situation dating all the way back to 2009,” Todd Jacobus, a partner at Woodfield Investments, tells MHN. “We were actually one of only two multifamily land closings in all of Metro D.C. in 2009, right at the time of the downturn, so we took a little risk.”
The risk paid off thanks to cooperation from the city and all involved.
“We’ve come to really like the submarket. Certainly being anywhere in Montgomery County is a good thing,” Jacobus says. “Gaithersburg is very strong and the city was willing to work with us and helped us get the project put in to an enterprise zone.”
Completed in May, Hidden Creek is situated in a quiet setting near Olde Towne Gaithersburg. The community consists of 300 garden-style units, with numerous one- and two-bedroom floor plans with dens and expansive lofts.
The units include luxury features such as wood tile flooring, built-in shelving, electric fireplaces, stainless steel GE Energy Star appliances, granite countertops and more.
“We spent a lot of time on the design and the levels of finish in the units and amenities are class AA,” Jacobus says. “We have all the bells and whistles with our amenities approaching 8,000 square feet, which is pretty big for a 300-unit community.”
Community amenities include a two-story clubhouse; large pool and sundeck; media theater with a 65-inch projection screen, surround sound and movies On Demand; cyber cafe with 24-inch Mac computers; on-site retail; controlled access garage; business center and conference room; package acceptance; and 24-hour emergency maintenance.
“It’s nicely landscaped with a nice courtyard and passive and active recreation areas,” Jacobus says. “It’s beautiful architecture and has a nice dense urban feel to it.”
The community also offers environmentally and commuter friendly transportation options, with the MARC train and Shady Grove Metro stations nearby, and housing charging stations for electric cars.
“It’s in a nice residential area and has great access to Olde Towne,” Jacobus says. “This is our first community in the vibrant Gaithersburg area, and we are thrilled to have brought the best of luxury apartment living to this commuter-friendly location.”
Woodfield Investments is currently under construction on multiple projects in its markets including Washington, Raleigh, Charlotte and Charleston, representing 1,634 units and a total build out cost of over $233 million.