Washington DC – The Matan Companies today celebrated the groundbreaking of their Prospect Hall Apartmentsin Frederick Maryland. A recent acquisition of the $100 Million Matan Fund IV; Prospect Hall Apartments is a 13 building, 376 unit multifamily development scheduled to deliver early summer 2014. The City of Frederick Mayor Randy McClement praised the project, saying, “It’s always nice to see new projects in our city. The businesses we are trying to attract are looking for a good workforce, good housing, good character, and a project like this will help provide all three of those.” Also in attendance to show their support for their project were Alderman Shelley Aloi, Alderman Kelly Russell, and Alderman Karen Young .
"This new multi-family residential project is repositioning a well-known landmark property and represents critical new workforce housing for Frederick's growing business community. The Matan and Morgan Keller team is certain to deliver a high quality and unique housing product," said Richard Griffin, Director of Economic Development for the City of Frederick.
The garden style apartment complex will feature modernfeatures, high quality finishes, ample green space, luxury club house, pool with beach entry, car wash stations, and garages. “We have identified a strong need in the Frederick market for high quality, well located multi-family units and Prospect Hall Apartments will certainly meet that need” said Karl Morris, Director of Development for Matan Companies. Matan has chosen Morgan Keller as the general contractor. Stellar Advisors will market, lease and manage the property. Financing is provided by Wells Fargo.
About Matan Companies
Headquartered in Frederick Maryland for over 35 years, Matan Companies is one of the region’s premier commercial real estate and development firms. Matan’s primary geographic focus is suburban Washington DC and the I-270 Corridor. Matan’s current portfolio consists of over 4 million square feet in 30 buildings with an additional 3 million square feet in the development pipeline.
Contact: Renee Bugbee
Telephone: (301) 815-9987
Cell: (301) 788-5442