Wood Partners Sells New Laurel Apartment Building For $93M
A project that won an award for the D.C. region's best new low-rise apartment community in 2017 has just traded hands.
Wood Partners in late April sold the Evolution at Towne Centre building in Laurel, Maryland, to Evolution-Joncon LLC, an entity connected with Silver Spring-based The Duffie Cos., for $93.1M, property records show.
The 340-unit building at 14725 Fourth St. in Laurel sits next to Towne Centre at Laurel, a 350K SF retail center anchored by Regal Cinemas and Harris Teeter. Wood Partners delivered the building in 2017 after acquiring the 5-acre site in 2015 for $8.3M, according to property records.
Following its delivery, Delta Associates named Evolution at Towne Centre the best low-rise project in the Baltimore-Washington region at its annual Awards for Excellence event in October 2017. JDavis Architects designed the project.
Along with the sale, the buyer secured a $55M loan from Transamerica Premier Life Insurance Co., property records show. Silver Spring-based Grady Management last month announced it was retained by the owner to manage the property.
Wood Partners last year delivered The Belgard, a 346-unit apartment building in NoMa. Its 275-unit Alloy by Alta project in College Park is expected to deliver this spring, the second iteration of the building after a fire significantly damaged the first project in 2017. The Atlanta-based development firm also has projects underway in Arizona, North Carolina, California, Texas, Colorado and Massachusetts.
