LOS ANGELES & CAMP SPRINGS, MD — Canyon Capital Realty Advisors LLC (Canyon Realty) has teamed up with Peter N.G. Schwartz and Hensel Phelps to develop the Apollo Residences at Town Center, a $93 million, 417-unit Class-A apartment project in Camp Springs, Prince George’s County, Maryland. Construction on the project began last month after Canyon Realty’s equity investment and Bank of America’s $69.2 million senior construction loan for the project both closed. The multi-family community will include six interconnected buildings ranging from four to six stories, with courtyards and an interior structured parking garage with 690 spaces. The Apollo Residences is expected to be ready for its first residents in late 2014.
“This is a compelling investment opportunity for Canyon Realty based on the proven local demand for multifamily housing, the property’s unique access to the Metro Green Line and our partners’ development experience, capability and visions,” said Canyon Realty Managing Director David Ridini.
Canyon Realty Director Matthew Dicker commented: “We have been very active in the Washington, D.C., area for many years, and Camp Springs is exactly the type of dense, urban market where our fund invests.”
The new transit-oriented development will be located at the intersection of Capital Gateway Drive and Telfair Boulevard in Prince George’s County, in the heart of the Baltimore/Washington corridor. The Apollo Residences will be immediately adjacent to the Branch Avenue Metrorail Station, the southern-most point on the Metro Green Line, and within one mile of the Capital Beltway (I-495) that provides access to Washington, D.C., Maryland and Virginia. The apartments will be located in close proximity to several employment centers including the Suitland Federal Center, DHS St. Elizabeth’s campus, National Harbor and Joint Base Andrews Air Facility.
“The Apollo Residences at Town Center is a terrific project that will meet the growing demand for rental housing we’ve seen in the community,” said Peter N.G. Schwartz, President of PNGS Management Company. “We appreciate Canyon Realty’s involvement, and we look forward to working together to transform the property into a dynamic and thriving neighborhood that will be a true community asset.”
When complete, the property will include several different apartment layouts at an average unit size of 1,000 square feet. The apartment homes will feature full walk-out balconies with French doors, chef quality kitchens with stainless steel appliances, granite countertops and walk-in closets. The property will also include a fully equipped wellness club, media room, pet spa, internet café, swimming pool and walking trails with lush landscaping throughout the 7.7-acre site.
Debt and equity financing on behalf of the sponsors was arranged and brokered by LGA Capital.
About Canyon Capital Realty Advisors LLC
Canyon Capital Realty Advisors LLC (http://www.canyoncapitalrealtyadvisors.com/) is the real estate direct investing arm of Canyon Partners, LLC. Founded in 1990, Canyon Partners and its affiliates are investment management firms and registered investment advisors headquartered in Los Angeles, with approximately $23 billion in assets under management.
Canyon Realty funds focus on providing value-added debt and equity capital to real estate owners, operators, developers, mortgage lenders and corporations involved in time-sensitive and complicated projects, as well as on markets and transactions that are often overlooked, misperceived and difficult to underwrite. Since its formation, Canyon Realty has completed over $5.1 billion of investments involving commercial real estate and mortgage assets with a total value of over $12.6 billion.
About Peter N.G. Schwartz
Peter N.G. Schwartz is the President of PNGS Management Company, Inc., a diversified commercial real estate development and management company with extensive holdings throughout the Washington, D.C., metropolitan area. For over twenty years, Peter has successfully developed prominent mixed-use, office, multi-family apartments and condominium projects. The PNGS portfolio includes the One Judiciary Square Office Building, which is one of the largest and most prominent development projects in the Washington, D.C., area.
Peter N.G. Schwartz is passionately committed to numerous community based service projects that focus on encouraging and providing scholarships to students to promote education and hard work as a means to their individual success. In 1993, Peter endowed the Peter N.G. Schwartz Foundation to provide funding for the educational needs of school-aged children. He also founded ValuesFirst, a non-profit 501(c)(3) public charity which is a character education values infusion methodology that is currently utilized in numerous District of Columbia Public Schools and Catholic schools throughout the Washington, D.C., Metropolitan Area and in the Mission Texas School District. In addition, Peter also established the National Student Achievement Award (NSAA) which helps juniors and seniors in D.C. Public High Schools to obtain basic needs to attend school and graduate.
About Hensel Phelps
Established in 1937, Hensel Phelps’ clients, both domestic and international, have entrusted them with a tremendous range of landmark projects in nearly every market sector. From planning and design, to construction, and facility management, Hensel Phelps works to solve their clients’ challenges from start to finish, and beyond.
Hensel Phelps’ clients call the integration of people, process, partnership and technology “The Hensel Phelps Way.” Hensel Phelps’ collaborative approach, with proven processes, innovative technology and effective communication, allows them to deliver exceptional service at every stage of the life of a facility.
Hensel Phelps’ office locations include Phoenix, Arizona; San Jose, California; Irvine, California; Greeley, Colorado; Orlando, Florida; Honolulu, Hawaii; Austin, Texas; and Chantilly, Virginia. www.henselphelps.com
About LGA Capital
LGA Capital is a full service commercial real estate financial consulting and firm. LGA Capital provides its clients with capital markets consulting, underwriting, closing and brokerage services.
Christina Stenson / Nazan Riahei
415-671-7676 / 212-333-3810