Urban Investment Partners, a Washington, D.C., developer, will build a $112 million multifamily project in suburban Maryland.
The company will develop the Canvas apartments, which will consist of 285 units with an additional 31,660 square feet of ground-floor retail, at 5300 Baltimore Avenue in Hyattsville’s Arts District.
“Canvas represents a significant investment in a submarket with strong occupancy, steady rent growth and consistent demand for institutional quality multifamily property,” Steve Schwat, principal of UIP, said in a prepared statement.
UIP received a total of $104.2 million in financing, including $19.1 million in crowd-sourced capital through CrowdStreet, with 422 investors chipping in. Additionally, the developer secured $42.3 million in senior debt financing from Parkview Financial, and $42.8 million from Safehold.
The deal mark’s UIP’s sixth go-around with CrowdStreet. The D.C. metro area ranks as a top market for multifamily development on CrowdStreet’s list of best places to invest in 2022.
The Hyattsville Arts District is emerging as a play-dine-live-work district that is highly convenient to D.C., the University of Maryland, rail lines and the Discovery District office park, home to technology and financial companies that are adding employees.
Torti Gallas and Partners will serve as the project architect on the six-story development. The property will also contain 681 parking spaces, with 250 dedicated to neighborhood retail and the adjacent Crossover Church.
The building is slated to open in the fourth quarter of 2023.
Keith Loria can be reached at Kloria@commercialobserver.com.