Camden Property Trust (NYSE: CPT), through its Multifamily Value Add Fund, has broken ground on its first development project located in the District of Columbia. Camden South Capitol, a 276-unit luxury apartment community, also is the first residential project to rise in the area for more than four years.
Located at 1345 South Capitol St., the $88 million project is a “slugger’s swing” away from Nationals Park, home of the Washington Nationals of Major League Baseball. The project also is a short walk from Navy Yards metro station, Camden South Capitol will offer upscale residences when the project opens in the summer of 2013.
The community will feature a rooftop pool and deck, three levels of secured, underground parking and an internal courtyard with barbecue pits and other amenities. Individual residences will average 832 sq. ft. and offer a mix of studio, one- and two-bedroom units. All units will have upgraded interiors and finishes, balconies and floor-to-ceiling windows, with some units offering views of the Capitol and the Anacostia River.
The general contractor for the construction of the project is Washington, D.C.-based Donohoe Construction. Locally based WDG Architecture designed the community.
A publicly traded real estate investment trust (REIT), Houston-based Camden owns and manages 16 apartment communities with more 5,600 units in the Washington, D.C. metro area. Camden owns interests in and operates 188 properties containing 64,248 apartment homes across the United States.
Upon completion of seven properties under development, the company's portfolio will increase to 66,213 apartment homes in 195 properties.
Camden’s stock price closed at $62.95 per share on Thursday, June 2, up from $45.76 per share a year ago.