The opening of Maryland’s Purple Line has been delayed for years, but it is still spurring interest from developers to build around its stations.
A rendering of the Flats at Glenridge Station development in Hyattsville.
Minneapolis-based Dominium Apartments last week closed on its acquisition of 7011 Chesapeake Road in Hyattsville for $4M. It plans to build 245 affordable rental units restricted to those who earn up to 60% of the area median income.
Dominium has had the site under contract for more than a year, and it received preliminary plan approval from Prince George’s County in June. The project, branded as The Flats at Glenridge Station, is the company’s first in the D.C. market.
The firm manages more than 38,000 apartments in 19 states, according to its website, and it has been on a spree of buying development sites to build housing. Just in the last two months, Dominium has announced the acquisitions of eight sites in Florida, Arizona, New Mexico and Texas.
Click here to read the rest of the article written by Jon Banister over at Bisnow
