Archstone in Gaithersburg (Under Construction)
Archstone Westchester broke ground in Olde Town Gaithersburg last week. Here is the press release:
"Archstone Starts Construction on Gaithersburg Apartment Community
New development to feature 389 apartments in heart of biotechnology hub
Archstone—a leader in apartment investment, development and operations—today announced that it has begun construction on a 389-unit, transit-oriented apartment community in Gaithersburg, Md. The development will be funded primarily through an $89.9 million FHA insured Section 221(d)4 loan through CWCapital.
“We are excited to be an active developer of high quality infill apartment communities again, and expect significant additional investment activity in 2011,” said Scot Sellers, Archstone’s chief executive officer. “We are pleased to have completed our recent balance sheet restructuring, which positions us well for the future.”
The Gaithersburg community will provide much needed housing to the area known as the epicenter of the nation’s biotechnology research industry. Located just south of the intersection of North Summit and East Diamond Avenue, in Gaithersburg’s historic downtown, the 6-acre site sits directly across from the Gaithersburg MARC Rail Station, a commuter rail stop that will provide future residents with direct access to downtown Washington, D.C.
“Gaithersburg is located in the center of the Montgomery County Technology Corridor, the heart of biotechnology research in the United States,” said Neil Brown, Archstone’s chief development officer. “The area’s unique combination of a growing technology employment base, strong demographics, exciting growth projects, like the new Science City, and easy access to mass transit, make it an outstanding location for high quality institutional investment. We are excited to begin construction on another landmark project that we believe will create significant long-term value for the City of Gaithersburg, for our future residents and for our shareholders.”
When complete, the Gaithersburg community will not only feature well-appointed apartment homes, but also a host of resident-centric, quality-of-life amenities, including 15,000 square feet of street-front retail space, a beach-entry lagoon-style pool, a fully-equipped re-oxygenating fitness center, pet grooming salon, a resident greenhouse and an above-ground parking garage.
“We develop all of our communities with attention to every detail,” said Rob Seldin, Archstone’s senior vice president of development for the East Region. “We know that people have a choice in where they call home; therefore, it is always our objective to provide both prospective and existing residents with the most reasons to choose Archstone. Archstone Olde Towne will be developed with a unique combination of features and amenities that will clearly differentiate it from other apartments available in the area, along with a few surprises that we’ll announce as we get closer to the grand opening.”
The Gaithersburg project is the second major apartment community Archstone has begun developing in the Washington, D.C., area this year. In July, the company broke ground on Archstone NoMa, the newest apartment addition to Washington, D.C.’s white hot NoMa Business Improvement District. The Archstone NoMa apartments in Washington, D.C., are primarily funded through a $152 million FHA insured Section 220 loan, also through CWCapital."