A joint venture between Peter N.G. Schwartz Management Co. and Hensel Phelps Construction Co. has finalized $16 million of preferred equity as part of the financing for the development of Allure Apollo in Camp Springs, Md. Planned on a 5.8-acre site, the 384 unit property will be located at 4401 Telfair Blvd. adjacent to the Branch Avenue Metro Station. The six-story property will consist of 18 studios, 176 one-bedroom apartments and 190 two-bedroom apartments and feature electric car charging stations and 650 parking spaces. Canyon Partners Real Estate provided the equity, making Allure Apollo the second preferred equity investment Canyon has made with Peter N.G. Schwartz and Hensel Phelps in its three-phase Camp Springs master plan. This project marks Canyon’s third joint venture with the two partners and its fourth investment with Hensel.
“The Washington, D.C., market continues to remain strong, and significant job growth is anticipated with major companies and government agencies,” said Peter Schwartz of the eponymous company. That includes “the FBI, DHS and Andrews Air Force Base, expanding operations or relocating in Prince George’s County, driving the need for new multifamily supply.”
