Tag: residential

High end residential at Editors Park

High-End Residential Development Thriving in Maryland

Market Insight

High end residential development is thriving throughout northern Prince George’s County. New projects, representing over 2,000 units, are underway at all points in the development process. Demand is keeping pace with development.

Multifamily development has been a major force along Route 1 for years, especially with the development of student housing starting in 2011. The pace of construction reflects renewed interest in living around College Park. This means more traditional residential development – apartments, condos, and townhouses – is growing too.

Developers work hard to bring options to high-earning professionals by building luxury homes that they can’t keep on the market. Townhomes are under contract nearly as soon as they’re completed. As three representative projects – Greenbelt Station, Riverdale Park Station, and Editors Park – show, developers have been able to sell new townhomes at a range from $214 to $385 per square foot. This equates to around half a million dollars per unit.

To learn more about high end residential development in Prince George’s County, along with other area news, view our full Route 1 Route 295 Corridor Newsletter.

Click here to view the spring edition of the Route 1 Route 295 Corridor Newsletter.

940-Acre Toll Brothers Deal

Deals & Transactions

Toll Bros. Acquires Pair
Buys Locust Hill, Willowbrook

Two properties that together might serve as the next Beech Tree or Oak Creek have been sold to a partnership headed by Toll Brothers.

In a deal settled just over a week ago, Toll paid $21.6 million for the Locust Hill and Willowbrook properties. Located on Oak Grove Road and totaling about 940 acres, the two tracts could yield about 1,300 units. It’s believed that Toll bought the ground in a joint venture with NVR Inc., which would mark an expansion of the two builders’ efforts together locally.

Seller Seton Belt Trust has wanted to dispose of the land for years, but its marketing efforts eight years ago produced numerous offers – and then ran headlong into the bust. Toll had emerged then as a leading suitor, but put everything on hold until this summer, when it again put Locust and Willowbrook under contract and moved to protect the existing entitlements.

Toll and NVR are already cooperating at Oak Creek, but not in a formal joint venture. NVR bought the partially built-out community on Church Road, while Toll bought the golf course. It also contracted to buy lots from NVR, and will take more of the larger lots, befitting its high-end approach.

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