Elion, Buchanan Partner On $100M Glenmont Project
The joint venture is acquiring a 164-unit multifamily asset and adjacent 3.5-acre land parcel for further development.
SILVER SPRING, MD–Real estate investment firms Elion Partners and Buchanan Partners have entered into a joint venture to acquire a 164-unit multifamily asset and adjacent 3.5-acre land parcel in the Glenmont submarket. The asset and adjacent land parcel were acquired for $34 million, with the total project estimated to cost over $100 million.
Elion and Buchanan plan to renovate the existing apartments while also working to develop the 3.5 acres adjacent to the property. The new development will include 254-multifamily units, with construction expected to begin in the first quarter of 2019.
There is potential for additional density down the road, Jimmy Roembke, Principal of Buchanan Partners, tells GlobeSt.com. This would likely mean more apartments but also possibly a mixed-use retail component.
The project is located next to the Glenmont Metro Station, which sits on the northeastern terminus of the Washington Metro Red Line.
The project marks the third development partnership between Elion and Buchanan. The joint venture has developed more than $150 million in real estate throughout the Mid-Atlantic region.