Apartments have become a billion-dollar investment along the Route 1 corridor and neighboring communities.
According to a recent report, investors spent about $1.2 billion buying and developing new apartments in Prince George’s over the last year, making it the fourth largest market for multi-family housing in D.C.
Among the recent projects on the Route 1 corridor: Studio 3807 and Artisan 4100 in Brentwood, the Pilot House apartments at the Station at Riverdale Park, as well as the future Canvas Apartments in Hyattsville, a building planned for the former site of the J.C. Penney’s at the Mall at Prince George’s, and an upcoming apartment building near the College Park Metro station.
That’s in addition to the sales of existing apartment buildings, such as the $39.5 million deal in which the Washington Housing Conservancy and NHT Communities bought the 245-unit Hamilton Manor in Hyattsville from Jared Kushner’s company.
Multi-family housing is in high demand along the Route 1 corridor for several reasons.
Large tracts of land are still available and affordable for developers looking to build a new complex, especially within the crucial half-mile around the West Hyattsville, Hyattsville Crossing and College Park Metro stations.
College Park has also seen a boom in student housing as it strives to become a top college town, which has spurred apartment projects for graduates like The Alloy as well.
Support the Wire and Community Journalism
Make a one-time donation or become a regular supporter here.
