Canyon invests in development of Maryland apartment community
Canyon Capital Realty Advisors has teamed up with Peter NG Schwartz and Hensel Phelps to develop the Apollo Residences at Town Center, a USD93m, 417-unit Class-A apartment project in Camp Springs, Prince George’s County, Maryland.
Construction on the project began last month after Canyon Realty’s equity investment and Bank of America’s USD69.2m senior construction loan for the project both closed.
The multi-family community will include six interconnected buildings ranging from four to six stories, with courtyards and an interior structured parking garage with 690 spaces. The Apollo Residences is expected to be ready for its first residents in late 2014.
“This is a compelling investment opportunity for Canyon Realty based on the proven local demand for multifamily housing, the property’s unique access to the Metro Green Line and our partners’ development experience, capability and visions,” says Canyon Realty managing director David Ridini.
The new transit-oriented development will be located at the intersection of Capital Gateway Drive and Telfair Boulevard in Prince George’s County, in the heart of the Baltimore/Washington corridor. The Apollo Residences will be immediately adjacent to the Branch Avenue Metrorail Station, the southern-most point on the Metro Green Line, and within one mile of the Capital Beltway (I-495) that provides access to Washington, DC, Maryland and Virginia. The apartments will be located in close proximity to several employment centres including the Suitland Federal Center, DHS St. Elizabeth’s campus, National Harbor and Joint Base Andrews Air Facility.
“The Apollo Residences at Town Center is a terrific project that will meet the growing demand for rental housing we’ve seen in the community,” says Peter NG Schwartz, president of PNGS Management Company. “We appreciate Canyon Realty’s involvement, and we look forward to working together to transform the property into a dynamic and thriving neighbourhood that will be a true community asset.”
Debt and equity financing on behalf of the sponsors was arranged and brokered by LGA Capital.
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