(Read more on the multifamily market.)

SILVER SPRING, MD-Behringer Harvard, Brookfield Real Estate Opportunity Fund, and Fairfield Residential are moving forward with their plans to develop a 15-story multifamily building in Silver Spring. The three firms, which have also teamed up on a $100 million 414-unit project underway in the DC area--say they have closed funding for the class A building, to be called Cameron House.

The 325-unit building will have a mix of one- and two-bedroom floor plans as well as a clubhouse facility and 7,330 sf of ground-floor retail space in addition to the 302,469 sf of rentable space. This investment follows Behringer Harvard's plans to develop Columbia Village, a 234-unit luxury apartment building in Arlington, VA.

Developers are steadily targeting the close-in Maryland suburb of Silver Spring for multifamily opportunities even as the District's multifamily market is somewhat in flux. Federal Capital Partners and Angelo, Gordon & Co, for instance, are cherry picking value-add opportunities in this submarket. In August it acquired a $47-million, 376-unit garden-style multifamily property here next to an apartment community and townhome lots the duo already owned. Another example is Washington Property Co., which moved into multifamily development with its plans to build a $93-million luxury apartment building at 1050 Ripley St. this year. McLean, VA-based Kettler also has projects in Silver Spring in various stages of development, including a 318-unit $130-million multifamily project in the design stage that originally had been slated for condo development.