Addison Apartments – Seat Pleasant, Maryland

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Project Category: Substantial Improvement Property

  • Summary

    New construction of 10-story building containing 88 apartments units, and 28,300 sf of ground floor commercial space below.

  • Details
    Project Qualification: Substantial Improvement Property
    Real Estate:
    • Residential
    • Retail
    Total Capital Required: $42,000,000
    Equity Required: $20,000,000
    Debt Required: $22,000,000
    Project Control: We have enforceable contracts to acquire the key property
    Timeline: More than 360 days
     Address: 6500 Central Ave Seat Pleasant Maryland 20743 United States
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  • Project Narrative
    Project Narrative:

    Seat Pleasant, MD is located just outside of Washington DC. This site is currently improved with dated low-density townhomes. We have designs and a Market Feasiblity Analysis in hand that support redevelopment with a 10 story building, of 114,740 sf, inculding 88 apartment units (mix of 1, 2 and 3 BR) and 28,300 sf of ground floor retail space.

    The Feasiblity Analysis prepared by Novogrodac Company, is dated June 2018, and available for download in this listing. The Market Analysis contains extensive information about the project and the economics and demographics that support it, concluding, "We have no ... recommendations with respect to the development scheme, as the Subject appears to be a well-conceived development...."