D.C. investment firm The Carlyle Group has formed a joint venture with Greystar Real Estate Partners LLC, a Charleston, S.C.-based apartment investor and management company, to build a high-end apartment development near Potomac Mills.
Financial terms of the joint venture weren’t disclosed. The project will be constructed on a 9-acre site on Jefferson Davis Highway.
The apartment community, called Potomac Heights, will include 288 luxury apartments. It is scheduled for completion by summer 2013.
“This is a great location in a growing market,” said Carlyle Vice President Adam Buchwald in a statement. “We see rising demand for luxury rentals.”
Bank of America will provide construction financing. Greystar has more than two dozen apartment communities in the Baltimore and Washington areas.