A new 82-unit apartment building is expected to open in Glover Park in November of 2014. Construction on 2251 Wisconsin began this month, a project of
Chesapeake Realty Partners, in Owings Mills, Maryland, and Bernstein Management Corp., in D.C.
City records show that Chesapeake Realty Partners bought an existing two-story retail building that fronts onto Wisconsin Avenue and its adjacent surface parking lot for $20 million. The apartment building is being constructed on the surface parking lot; the retail building, which is fully occupied by two tenants, Glover Park Hardware and Washington Area Sports Club, is being renovated.
Josh Fidler, Chesapeake Realty Partners COO, says 2251 Wisconsin is a $32 million project, including land acquisition, new construction and renovation of the existing 28,277-square-foot commercial building.
Fidler says the new apartment building is four-stories high with underground parking. It will have one- and two-bedroom apartments that will be leased at market rate. Current market rate for a one-bedroom apartment in the area runs about $1,800 per month.
“Glover Park is a sought-after, tight rental market,” says Fidler.
Chesapeake Realty Partners and Bernstein Management are presently building about 3,200 apartments in 13 projects, according to Fidler. 2251 Wisconsin is one of six projects in the Maryland, Virginia and Washington, D.C. area, an overall $250 million investment.