Elion Partners, a real estate investment firm, and Buchanan Partners, a real estate development firm, have broken ground on a 254-unit luxury multifamily building adjacent to the Glenmont Metro station in the Maryland suburbs of Washington, DC. Estimated to deliver in the third quarter of 2020, Atelier is the first new multifamily construction in Glenmont in decades.
AGM Financial Services has arranged a $57 million loan through HUD’s 221(d)4 program, providing construction-to-permanent financing with a 40-year term.
“This type of transit-oriented development is long overdue in Glenmont, with its close proximity to Metro, bike trails, shopping, parks, and employment centers,” said Jimmy Roembke, Principal, Buchanan Partners. “We are excited to bring an amenity-rich lifestyle to this supply-constrained submarket.”
Juan DeAngulo, Managing Partner and Co-Founder of Elion Partners, added: “Due to the strong demographic growth in this submarket and its supply-constrained nature, our long-term investment in this asset will service professionals seeking close-in housing, lifestyle amenities, and a convenient commute to downtown Washington, DC.”
Atelier will feature an outdoor swimming pool, fitness center with yoga room, movie/media room, and a rooftop deck with a fire pit and outdoor flat-screen TV. An exclusive clubroom will provide billiards, shuffleboard, a poker table, double-sided fireplace, and catering kitchen. The building will have two tranquil courtyards with grilling stations, lawn games, and an outdoor movie screen.
Residents’ four-legged companions will delight in Atelier’s pet spa and dog park. For more serious pursuits, there will be a business center and private conference room. A private above-ground garage will provide parking for 330 cars, as well as bicycle lockers and a bike repair station. The Glenmont Metro station on Metrorail’s Red Line is just a three-minute walk from Atelier.
Designed to earn National Green Building Standard certification, Atelier will have a rooftop solar panel array that will generate most of the electric power for the building’s common areas.
Apartments will range from studios to two-bedroom units with dens. Stainless steel appliances, granite countertops, and built-in wine racks will distinguish Atelier’s kitchens, with options for kitchen islands and wrap-around countertops. Glass-enclosed showers and double-sink vanities are among the attractions of Atelier’s contemporary bathrooms.
Buchanan rezoned the 30-acre Glenmont site in 2012 and has sold parcels to Winchester Homes and MI homes, which are separately developing a total of 217 townhomes. In late 2018, Elion and Buchanan acquired the balance of the site as part of a joint venture, comprising 164 garden-style apartments and the 3.5-acre Atelier site.
Located at 2511 Glenallan Road, Atelier is designed by Dwell Design Studios. Jefferson Apartment Group will provide property management services. Coakley Williams is the General Contractor.
Glenmont is in the growing mid-county sector of Montgomery County, which has recently seen an influx of professionals seeking close-in housing and convenient commuting to downtown Washington. Just one Metro stop from Atelier is Westfield Wheaton, one of the region’s largest shopping malls, anchored by Costco, Target, and Macy’s. The Wheaton-Glenmont corridor is home to eclectic international restaurants and extensive green space, including the 539-acre Wheaton Regional Park.
About Elion Partners
Elion Partners is a vertically integrated real estate investment firm with institutional-grade capabilities. Elion serves as both a fiduciary and an operator of real estate assets, managing over $1.5 billion through several investment vehicles. We serve as stewards of our clients’ capital with a focus on preservation for the long-term. Elion’s principals invest significant capital in each fund to ensure the utmost alignment of interests with our LPs.
About Buchanan Partners
Buchanan Partners is a leading full-service real estate development firm operating in the Washington, DC region. Since 1998, Buchanan has made over $1.2 billion in total investments, with over $300 million in equity capital invested with multiple investment partners including pension funds, endowments, and family offices. With a portfolio spanning a broad range of building types, Buchanan is able to move with the market, whether the environment favors residential, office, industrial, or raw land investments. The firm has developed over 5,000,000 square feet of commercial space and has entitled and developed property on over 2,000 acres of land in Maryland, Virginia, and the District of Columbia.