Owings Mills, MD (PRWEB) August 14, 2013
Chesapeake Realty Partners (CRP) and Bernstein Management Corporation (BMC) announce the construction of six (6) new apartment communities comprising over 1,250 residences in Maryland, Virginia and Washington, D.C.,with an investment of $250M.
This development opportunity is the first venture between the two organizations. “The complementary skill sets of our companies, combined with the unique characteristics of each one of the properties, makes us very excited about their long term prospects,” said Josh Bernstein of BMC. “CRP has done a great job identifying and teeing up these developments.”
“These projects were sourced over the past three years and acquired at favorable prices in the downturn,” said Lawrence M. Macks of Chesapeake Realty Partners. “All are now ripe and ready to go. Construction has already begun on four of them.”
“Each of these communities has a distinct appeal that sets them apart,” added Josh E. Fidler of Chesapeake Realty Partners. “We don’t build cookie-cutter projects.”
Investment affiliates of BMC, founded by Joshua Bernstein and Robert Sandler in 1991, own 81 properties in the Washington-Baltimore markets, totaling over 5,200 apartments and 3.8M square feet of commercial space. BMC, based in Washington, DC, is focused on the acquisition, management and redevelopment of multifamily and commercial properties. CRP, based in Owings Mills, MD, is focused on new development. CRP and its Co-Chairmen, Lawrence Macks and Josh Fidler, have developed 30,000 homes, over 7,000 rental apartments and 1.0M square feet of retail space over 65 years.
Details on the six new communities follow:
2251 Wisconsin Avenue – Located in the Glover Park neighborhood in Washington, DC, this project involves construction of an 82-unit residential rental property on land presently used as a surface parking lot, as well as renovation and expansion of an existing, well-leased, 28,277 s.f. multi-story retail building. Residential leasing to commence in spring 2014.
Paragon at Columbia Gateway – A 320-unit rental apartment community adjoining abundant employment, shopping and phenomenal road access at I-95, MD 175 and MD 108. This is the largest undeveloped residentially zoned parcel in Columbia, MD. Leasing to commence winter 2013-2014.
2 East Wells Street – This project involves construction of 153 loft-style apartments, 6,000 square feet of ancillary retail space and attached structured parking in South Baltimore. This property is directly across the street from 1901 S. Charles Street, a new 193-unit apartment building developed by CRP in 2012 which recently achieved LEED Gold Certification. Leasing to commence spring 2014.
The Winthrop – A 295-unit apartment community in the dynamic heart of Towson, MD, close to 3.7M square feet of office space, over 1.5M square feet of retail space and both Towson University and Goucher College. The Winthrop will feature a multi-story Resident’s Club, two courtyards, and attached structured parking. Leasing to commence summer 2014.
900 Thayer Avenue – This project is located on a prominent corner location and is one of the few remaining undeveloped tracts in the heart of downtown Silver Spring, MD. The project will include 124 apartments, 5,000 square feet of ancillary retail space and attached structured parking. Construction to begin in Winter 2013/2014.
Accotink Village Fort Belvoir – Ideally located at the newly constructed Tulley Gate, where Fairfax County Parkway and Route 1 converge in SE Fairfax County, VA in the geographic heart of Fort Belvoir. Comprising 283 apartments, 10,000 square feet of ancillary retail space and attached structured parking. Construction to commence in Winter 2013/14.
About Chesapeake Realty Partners
Headquartered in Owings Mills, Maryland, Chesapeake Realty Partners builds on more than 65-years of success in the Mid-Atlantic real estate market. CRP is actively engaged in all aspects of real estate development – land acquisition; land planning and land development; residential lot sales; construction and operation of residential rental communities; and construction and operation of commercial properties. For additional information about CRP and its projects, go to http://www.ChesapeakeRealtyPartners.com.
About Bernstein Management Corporation
Bernstein Management Corporation is a privately held real estate company engaged in the acquisition, management and development of residential and commercial properties in the Washington DC Metropolitan Area. For additional information about BMC and its portfolio, go to http://www.bmcproperties.com