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.Read the full story from the Washington Business Journal.