For Immediate Release – Wickatunk, NJ, Oct. 1st, 2021
A 285 apartment, ground-up development above 31,660 SF of retail in the vibrant Arts District of Hyattsville, Maryland, a high walkability neighborhood with a ‘hipsturbia” vibe located 2 miles equidistant from the Washington, DC border.
- Hyattsville Arts District: Canvas is directly in the center of the Hyattsville Arts District; walkable to coffee shops, restaurants, plenty of retail, and schools. The location is just two miles from both downtown DC and the University of Maryland College Park campus (40,000 students), with frontage on Baltimore/Rhode Island Avenue (Route 1), a major artery in and out of Washington, DC. With over $213 million in development and investment over the past five years, The Arts District now includes retail tenants like YES! Organic Market, Chipotle, Franklin’s Brewery and Restaurant, Vigilante Coffee, and Love Yoga Studio.
- Renter Demand Due to University of Maryland and Proximity to DC: The University of Maryland provides a consistent renter base, and with proximity to jobs in Downtown DC Hyattsville offers an affordable alternative. The University of Maryland (UMD) is a thriving public institution enrolling over 40,000 students with a growth rate of 16.2% since 2004. Included in this impressive growth was a 34% increase in international enrollment since 2012. But perhaps the most important demand driver besides the university is the growing Discovery District less than three miles away, an office park that has attracted technology companies like Adobe, Capital One, and We Work.
- Transportation: The Project is located directly on the Metro’s major artery, Route 1 aka Baltimore Avenue. It is also just one stop away from Washington DC’s Union Station, the 10th busiest train station in the U.S. when departing from the Riverdale Marc Station, only a short walk and less than a mile from the Project. Within 1.5 miles of the Project are two Metro stations, both of which provide access to the green and yellow lines.
- Development Milestones Achieved: Canvas Apartments is a shovel-ready 285-unit Class A market-rate rental development located in the heart of the vibrant Arts District of Hyattsville, Maryland. The Project is fully entitled with the enthusiastic support of the town and its residents and will soon execute a Guaranteed Maximum Price (GMP) construction contract with one of two major regional construction firms that UIP has worked successfully with in the past.
- Local, Tenured Sponsor: Over the last 21 years, UIP has grown into a vertically integrated, local apartment building owner and developer, property manager, and general contractor. UIP has invested more than $1.5 billion in the Washington, DC region with more than $839,000,000 in assets under management. UIP performs much of its own construction through an in-house general contracting company and manages all of its own apartment buildings through an in-house property management company. Since its inception, UIP has renovated and constructed more than 50 apartment buildings in the Washington Metropolitan Area.
“UIP is considered one of the best developers & operators in the multifamily market in the Washington, D.C. area. They have decades of experience and we are very excited and lucky to partner with them in such an energetic project. Since its inception, UIP has renovated and constructed more than 50 apartment buildings in the Washington Metropolitan area” said Mike Schnurr, m.p. of Amalfi Capital. “We love the sustainability of this project, what it will give to this vibrant portion of Hyattsville while keeping the look & feel of the local landscape.”
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Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 1 million square feet of property throughout the United States. Amalfi focuses on expanding its portfolio by partnering with highly experienced sponsors who are experts in their respective markets by investing in commercial & industrial assets that we believe are well positioned for above market returns over the long run. www.Amalficapital.biz – amalficapitalinfo@gmail.com