(To read more on the multifamily market, click here.)
WASHINGTON, DC-Camden Property Trust, the Houston-based multifamily owner and operator, is finalizing plans to build an apartment building on a one-acre plot that it acquired 18 months ago in Southeast Washington.
James Hinton, senior vice president of Camden's real estate investments, says the land at 1325 S. Capitol SW is ideally situated--across the street from the Nationals stadium that is now under construction. The firm is in predevelopment and approval talks with the DC government. Hinton tells GlobeSt.com that Camden should be ready to begin construction on the 244-unit, 210,000-sf building in Q2 2007. The development's name has yet to be picked.
Although plans are not completely finalized, the building is projected to be nine stories. Two-thirds of the units are expected to be one bedroom and the remainder two bedrooms. Hinton says the average unit will be about 860 sf.
The total development cost is projected to be roughly $99 million, including the $16-million land cost. It will not be a luxury apartment building although it will be built to condo specifications, Hinton says.
The project is Camden's newest one in the Washington, DC area, which is a key market for the firm. "Of all the markets in which we are developing, the biggest concentration of new developments is the DC area," Hinton says. Currently the firm is working on nine projects in the region, including Camden Monument Place, a 368-unit, four-story apartment building in Fairfax, VA, which is expected to open in early 2007. Apartments will range from 473 sf to 1,632 sf in thirteen floor plans with upgrade packages for loft, attitude and corner homes.
Camden's Washington, DC portfolio totals 13 properties with those now under construction. In addition, Hinton says, the firm has another 600 units of potential projects, or roughly $54 million, in the pipeline for the DC area. Nationwide, Camden's pipeline includes more than $1.4 billion in current and future projects.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
