Columbia-based JPB Partners announced that it has started construction on three new 25-unit apartment buildings in Laurel, adding a rental option to the Victoria Falls adult-living complex.
The firm has joined with the KB Co. to develop the new buildings, which will mirror in size and architectural design the existing seven multifamily buildings that were developed earlier as condominiums. With the 75 new apartments, the eight-year-old community will total 609 units.
“We are delighted to be the lead developer on this project,” JP Bolduc, JPB’s chief executive office, said in a news release. “This impressive community in Prince George’s County will be even better with the addition of a rental component to the housing opportunities available to its residents.”
Harkins Builders of Ellicott City is constructing the three new structures.
Designed for residents at least 55 years old, Victoria Falls is an active adult community that comprises single-family detached homes, villa homes and condominiums spread over 100 acres. It sits northeast of I-95 at the end of the Intercounty Connector off Contee Road.
The planned community includes a clubhouse, fitness center, tennis courts and indoor and outdoor swimming pools.
Public-private deal struck to build $72 million apartment complex on Fort Meade
Picerne Military Housing, based in East Greenwich, R.I., announced that it has closed on a $72 million, public-private partnership deal designed to offer on-base apartments for more than 1,400 junior enlisted single soldiers stationed at Fort Meade.
The 14-building project will give soldiers the option of living directly on the base when the first housing in the development is completed next December.
Picerne, a division of real estate developer Corvias Group, broke ground this month on the complex, called Reece Crossings. The project is the U.S. Army’s first privately developed, on-post garden-style apartment community for unaccompanied junior enlisted soldiers, sailors, airmen, Marines and Coast Guardsmen.
“Through our partnership with Picerne, we will be able to deliver this groundbreaking project that will give our single service members the high-quality homes they deserve,” Col. Edward C. Rothstein, garrison commander at Fort Meade, said in a news release. “These apartments are not something we could build on our own with our dwindling resources. This new community will improve the military experience for our unaccompanied junior enlisted troops, giving them the opportunity to live on post, close to the community, work and training resources here to support them.”
Reece Crossings will include 432 one- and two-bedroom apartments, with 816 beds. The project will offer 1,126-square-foot, one-bedroom-plus-den and 1,186-square-foot, two-bedroom apartments. The apartments will feature large kitchens with a breakfast bar and full-size appliances, spacious living rooms, a laundry room with washer and dryer and free cable, high-speed Internet and utilities.
“Thanks to our innovative, public-private partnership arrangement, this project will be built at no cost to the Army, and will greatly improve the quality of life for young, single service members,” said Corvias Group President and CEO John Picerne.
“When completed, I believe that Reece Crossings will help reshape expectations about what housing for young, single service members can and should be. In addition to improved living conditions, community-based, on-post housing has the ability to provide young service members with the much-needed support, mentorship and camaraderie of their peers and commanders.”
Service members living at Reece Crossings also will enjoy private master suites, which include individual bathrooms, walk-in closets, personal climate controls and private climate-controlled secure storage for military gear. Apartments will come furnished with a sofa, media cabinet and coffee table, in addition to a queen-size bed, desk and nightstand in each bedroom.
The development will include gathering spaces to reduce isolation and boost morale, including a 6,233-square-foot community clubhouse, resort-style lap pool and outdoor grilling and picnic pavilions. Amenities will include weight-lifting and fitness rooms, a state-of-the-art clubroom with multiple flat-screen TVs, sports ticker and video gaming, a cyber café with charging stations and Internet access, and basketball and sand volleyball courts.
“Reece Crossings is a barracks in name only, and that is good news for the recruitment and retention of younger service members,” said Michael Steiner, managing director of Picerne Military Housing.
The project is designed to win silver certification from the U.S. Green Building Council’s Leadership in Energy and Environmental Design program. Green-friendly elements include advanced storm-water management techniques, such as bio filtration facilities and rain gardens, low-flow toilets, faucets and showers, and Energy Star-rated appliances.
MCR Development buys 10 Marriott and Hilton hotels in Baltimore market
New York-based MCR Development LLC announced Dec. 21 that it has acquired 10 Marriott and Hilton hotels from Baltimore-based Skye Hospitality for an undisclosed price.
The portfolio includes 1,294 rooms in Baltimore and surrounding suburbs. The hotels will be managed by MCR Property Management, and all 10 of the properties will continue to be branded under long-term license agreements with Marriott and Hilton’s select service and extended-stay brands.
“This portfolio is a great addition to MCR and we are excited about the opportunity to expand our relationship with Marriott and Hilton,” Tyler Morse, MCR’s chief executive officer, said in a news release. “This investment, along with our four earlier acquisitions this year, underscores our commitment to strategically and opportunistically acquire quality hotel properties in high barrier to entry markets.”
The deal reflects the strength of the region’s hotel market, which is serviced by Thurgood Marshall Baltimore Washington International Airport.
“Our team was pleased to assist in the execution of this transaction, which provided further evidence to the performance of quality select-service investments and their attraction in the debt and equity capital markets,” Dan Peek, an HFF senior managing director, said in a news release.
“The seller, a family-owned company that developed and operated each hotel, made a timely exit at attractive terms, while the buyer acquired immediate scale in prime, high-barrier locations with tremendous upside potential,” said HFF Director Max Comess.
The sale involved:
- Hampton Inn and Suites, 7027 Arundel Mills Circle, Hanover, 130 rooms;
- Residence Inn, 7035 Arundel Mills Circle, Hanover, 131 rooms;
- SpringHill Suites, 7544 Teague Road, Hanover, 128 rooms;
- TownePlace Suites, 7021 Arundel Mills Circle, Hanover, 109 rooms;
- Hampton Inn Baltimore Downtown, 550 Washington Blvd., Baltimore, 126 rooms;
- Hampton Inn White Marsh, 8225 Town Center Drive, 127 rooms;
- Hilton Garden Inn White Marsh, 5015 Campbell Blvd., 155 rooms;
- Residence Inn White Marsh, 4980 Mercantile Blvd., 131 rooms;
- Fairfield Inn and Suites White Marsh, 8477 Cordon Way, 116 rooms;
- Residence Hunt Valley, 45 Schilling Road, Hunt Valley, 141 rooms.
Medstar expanding with Harford County health plaza
Columbia-based MedStar Health announced that it is expanding in Harford County, with plans to build a 100,000-square-foot health plaza at a cost of $30 million.
The not-for-profit firm, which owns a string of hospitals from Washington to Baltimore, including MedStar Montgomery Medical Center in Olney, said it will offer a “one-stop-shop health care destination for residents to see a physician, visit an urgent care center or take advantage of an array of specialized healthcare services.”
The plaza will offer a range of health care, including ambulatory surgery, weight-loss surgery, sports medicine and women’s services. But it will not be a full-blown hospital, which must jump through many more hoops to win state approval.
“We’re not going to have any overnight stays,” said Jean Hitchcock, MedStar’s vice president of public affairs and marketing.
The plaza, located at the intersection of Plum Tree Road and Route 924, will allow for future expansion as the county grows and will consolidate existing offices, such as an oncology center at 104 Plumtree Road.
“The oncology center is free-standing, and we’re going to be combining all of the disparate little locations in one big building,” Hitchcock said.
MedStar has more than 40 affiliated physicians practicing in Harford County, many of whom will practice at the plaza, in addition to 20 new physicians.
MedStar must go through the county’s approval and planning process before it begins construction by fall 2013. The plaza is slated to open in the fall 2014.
WRIT sells Bel Air medical building for $8.8 million
Rockville-based Washington Real Estate Investment Trust announced that it sold a medical office building in Harford County for $8.8 million.
Plumtree Professional Center, located at 104 Plumtree Road in Bel Air, was built in 1991 and acquired by WRIT in 2006 as part of a portfolio acquisition of four medical office buildings.
The firm achieved a net book gain of about $1.6 million and an unleveraged internal rate of return of 13 percent over the six-year holding period for the 33,000-square-foot building.
“As we continue to focus our investments in larger assets in areas closer to the Washington, D.C., urban core, Plumtree no longer fits into our strategic vision,” George F. “Skip” McKenzie, WRIT’s president and chief executive officer, said in a news release.
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