Multifamily Project Promote Route 1 Density
According to real estate data giant CoStar Group, this year over 800 multifamily units have been delivered in a market covering everything in northern Prince George’s County from the Beltway to the District line, and as far east as Greenbelt. Apartments in this market show 5.7% vacancy and 3.2% rent growth. These numbers are better than what industry experts have expected.
The effect on value is profound. Properties with the right mix of location, zoning, and size for multifamily construction are selling historically well. Access is crucial and proposed projects need parking or dense walkability. Many developers are still looking for streetside properties, either for current development potential or as long-term hold properties.
While some are asking if the market is in a value bubble, there are structural changes that will support density and greater values in the future too. Two new grocery stores along Route 1- Whole Foods and Lidl- are backing multifamily expansion as do offices like the WeWork near campus and music venues such as the Hall CP. The Purple Line is currently under construction. It will form a unique transit connection between Prince George’s and Montgomery Counties. This connection will promote denser development in each.