The funding will cover the acquisition of the apartment community's 54.5-acre parcel on Eastern Blvd., as well as the first phase of development, which will consist of 216 units spread out among 18 three-story structures.

Ultimately Cortland Manor will feature a total of 36 garden-style buildings. Speaking to GlobeSt.com, Ventura Commercial president Jim Ventura notes that the entire development should cost about $22 million. "Hagerstown has transformed into a bedroom community of the Washington, DC market," Ventura continues. "We had been seeing luxury single-family homes and townhouses, but now we're seeing luxury apartments, as well. There is a great demand for high-end rentals."

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Capital Markets
Multifamily
Washington, DC