Construction has started on a 254-unit apartment building near the Glenmont Metro Station.
The four-story, $67 million building on Glenallan Road is being developed by Elion Partners and Buchanan Partners.
“This type of transit-oriented development is long overdue in Glenmont, with its close proximity to Metro, bike trails, shopping, parks, and employment centers,” Jimmy Roembke, principal with Buchanan Partners, said in a statement. “We are excited to bring an amenity-rich lifestyle to this supply-constrained submarket.”
The apartment building will have studio, one- and two-bedroom apartments. Rent prices have not been determined, Roembke said.
There will be a 330-space above-ground parking garage with bicycle lockers. Amenities will include an outdoor swimming pool, fitness center and rooftop deck. Also included in plans are a courtyard, outdoor movie screen, clubhouse, dog park and conference room.
Developers are financing the project primarily with a 40-year, $57 million U.S. Department of Housing and Urban Development loan.
The apartments are expected to be completed in late 2020.
Co-founder of Elion Partners Juan DeAngulo said in a statement the apartments target working professionals, specifically those who commute to downtown Washington.
Jefferson Apartment Group will be the property management company. Jefferson manages about 30 properties, including one in Rockville and one in Gaithersburg.
Florida-based Elion Partners is a real estate investment firm managing $1.5 billion in assets, while Gaithersburg-based Buchanan Partners has invested $1.2 billion in projects totaling 5 million square feet of commercial space in the Washington region.
Caitlynn Peetz can be reached at caitlynn.peetz@moco360.media
