A joint venture of CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, and The NRP Group, a leading real estate development, construction, and property management firm, today announced they will be developing ‘White Oak’ – a 390-unit, wrap-style and townhome multifamily development project. The multifamily community is situated in Eastern Montgomery County, part of the White Oak Science Gateway area. White Oak is a centrally located suburban neighborhood that is well connected to the broader Maryland and Washington, D.C. metropolitan area, with direct access to Montgomery County’s new FLASH Bus Rapid Transit System, MD Route 29, I-95, and the MD-200 Intercounty Connector. The site is also a short commute to Downtown Silver Spring with connection points to Metro’s Red Line and the to-be-built Purple Line. The project is expected to break ground in the first quarter of 2023. First units are expected in the third quarter of 2024, with construction expected to be completed in the second quarter of the following year.
“Silver Spring has benefited tremendously from its central location within the Washington, D.C. metropolitan area, as nearly a quarter of its population is employed by a governmental agency – insulating the local economy from recent economic downturns,” said Kristi Nootens, Co-Head of CP Capital. “We look forward to continuing our partnership with The NRP Group and delivering White Oak in this thriving suburban submarket while creating lasting value for investors.” White Oak will feature Class-A unit interior finishes such as stainless-steel appliances, quartz countertops, and vinyl wood flooring. Community amenities will include an enclosed courtyard, sundeck and pool, outdoor cooking and dining areas, work-from-home amenities, a dog park, pet spa, and an expansive fitness center.
