Camden Property Trust (NYSE: CPT), through its Multifamily Value Add Fund, has broken ground on its firstproject 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 WDGdesigned the community.
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Upon completion of seven
Camden’s stock price closed at $62.95 per share on Thursday, June 2, up from $45.76 per share a year ago.