Real estate investment firms Elion Partners (“Elion”) and Buchanan Partners (“Buchanan”) have entered into a joint venture to acquire a 164-unit multifamily asset and adjacent 3.5-acre land parcel in Montgomery County Maryland. The asset and adjacent land parcel were acquired for $34 million, with the total project estimated to cost over $100 million.
The project is located next to the Glenmont Metro Station, which sits on the northeastern terminus of the Washington Metro Red Line. Glenmont is in the burgeoning Montgomery County region, which has recently seen an influx of more professionals seeking a convenient commute to Washington, D.C. As a result, Glenmont currently has a need for enhanced living and lifestyle amenities.
Elion and Buchanan will execute a multi-phase strategy intended to bolster residential quality through renovation of 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.
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 U.S. mid-Atlantic region. Together, both firms provide fully integrated hands-on operations throughout all aspects of asset management, from development to accounting.
“We are thrilled to announce another promising transaction with Buchanan, one of the industry’s leading real estate developers in the region,” said Juan DeAngulo, Managing Partner and Co-founder of Elion Partners. “This partnership has already been tremendously rewarding over the years and we look forward to continuing our integrated offering.”
“Our project in Glenmont will allow us to deliver new Class A multifamily inventory in a supply constrained market while improving the existing apartments, enabling us to provide upgraded market-rate housing at affordable rental rates,” said Jimmy Roembke, Principal of Buchanan Partners. “We are excited to partner with Elion on this transaction and look forward to our continued investment in Glenmont.”