Los Angeles (April 12, 2017) – Canyon Partners Real Estate LLC® (“Canyon”) has provided $16 million of preferred equity to a joint venture between Peter N.G. Schwartz (“PNGS”) and Hensel Phelps Construction Co. (“Hensel Phelps”) to finance the development of Allure Apollo (“Allure”), a 384-unit apartment building at 4401 Telfair Blvd. in Camp Springs, MD. This is the second preferred equity investment Canyon has made with PNGS and Hensel Phelps in its three-phase Camp Springs master plan, Canyon’s third joint venture with PNGS and Hensel Phelps, and its fourth investment with Hensel Phelps. The remaining third phase of the Apollo community is projected to break ground in fall 2019 and will include “Restaurant Row”, a walkable urban destination retail center slated for delivery in late 2020.
“We have enjoyed previous successful partnerships with Canyon and Hensel Phelps to develop Aspire Apollo several years ago and another nearby property, Ascend Apollo, in 2015, and this new investment is a testament to Canyon’s confidence in the project,” said Peter Schwartz of PNGS. “The Washington DC submarket continues to remain strong, and significant job growth is anticipated with major companies and government agencies, including the FBI, DHS and Andrews Air Force Base, expanding operations or relocating in Prince George County, driving the need for new multifamily supply.”
Allure will be a six-story, Class-A property with 375,151 rentable square feet set on a 5.84-acre site adjacent to the Branch Avenue Metro Station. It will consist of 18 studios (4.7% of total), 176 one-bedroom apartments (45.8% of total) and 190 two-bedroom apartments (49.5% of total). Unit finishes will include stainless steel appliances, full-sized washers and dryers, granite kitchen countertops and LED track lighting. The property will be managed by Kettler Management and amenities include a fully-equipped wellness club, media room, game room, pet spa, pool, water garden, Zen garden, café, common area Wi- Fi, 24-hour video surveillance, storage facilities, bicycle racks, electric car charging stations and 650 structured parking stalls.
“We are excited to break ground on the project later this month,” said Laird Heikens of Hensel Phelps. “We are proud to continue working to bring the vision of the Apollo development to life with an additional 384 units of high-quality residential housing at Allure.”
About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC (Canyon) is the real estate direct investing arm of Canyon Partners, LLC. Canyon focuses on providing debt and equity capital for commercial real estate in primary and secondary markets across the U.S., primarily to facilitate asset acquisition, value-add repositioning, development or recapitalization. Since inception, Canyon has invested over $6.3 billion of capital in over 245 commercial real estate and mortgage transactions with a total capitalization of $16.5 billion through its distinct real estate investment platforms.
Founded in 1990, Canyon Partners, LLC is an investment management firm headquartered in Los Angeles which, together with its affiliates, manages approximately $21 billion of assets. For more information visit: www.canyonpartners.com.
About Peter N. G. Schwartz Management Company
For over 25 years, Peter N.G. Schwartz Management Company (PNGS) has been on the forefront of both real estate management and development in the Washington, DC, metropolitan area. In addition to managing an impressive portfolio that includes acquired commercial and residential real estate, as well as its partnerships, PNGS acquires and develops larger-sized land parcels, typically creating a mixture of residential, retail and commercial uses to contribute toward the realization of greater community development projects throughout DC, Maryland and Virginia. In all of its development endeavors, PNGS strives to improve communities by designing the best possible eco-friendly commercial and residential environments. For more information, visit www.pngs.com.
About Hensel Phelps Construction Co.
Established in 1937 as a small builder in Greeley, CO, today Hensel Phelps delivers over $3.5 billion annually in facility services for a diverse client base. With regional offices strategically located in major cities throughout the United States, Hensel Phelps delivers Development, Construction and Facility Services for clients with nationwide capability with consistent execution across all geographies. Hensel Phelps’ approach creates significant client benefits, delivering excellence in development management, construction and facility operations which result in reducing operating costs and ultimately maximizing their asset portfolio. Providing a single-source solution, Hensel Phelps specializes in a variety of offerings and capabilities, including development, management, construction, consulting, technical services, facility management and specialized construction. For more information, visit www.henselphelps.com.
(914) 686 5599