CP Capital US Announces Plans for ‘White Oak’ in Silver Spring, Md., with The NRP Group
Dec 15, 2022
390-unit multifamily community will help meet rising demand for rental housing in the growing Washington, D.C. submarket
SILVER SPRING, MARYLAND – (December 19, 2022) – A joint venture of CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, and The NRP Group, a leading real estate development, construction, and property management firm, today announced they will be developing ‘White Oak’ – a 390-unit, wrap-style and townhome multifamily development project in Silver Spring, Maryland.
The multifamily community is situated in Eastern Montgomery County, part of the White Oak Science Gateway area. White Oak is a centrally located suburban neighborhood that is well connected to the broader Maryland and Washington, D.C. metropolitan area, with direct access to Montgomery County’s new FLASH Bus Rapid Transit System, MD Route 29, I-95, and the MD-200 Intercounty Connector. The site is also a short commute to Downtown Silver Spring with connection points to Metro’s Red Line and the to-be-built Purple Line. The project is expected to break ground in the first quarter of 2023. First units are expected in the third quarter of 2024, with construction expected to be completed in the second quarter of the following year.
“Silver Spring has benefited tremendously from its central location within the Washington, D.C. metropolitan area, as nearly a quarter of its population is employed by a governmental agency – insulating the local economy from recent economic downturns,” said Kristi Nootens, Co-Head of CP Capital. “We look forward to continuing our partnership with The NRP Group and delivering White Oak in this thriving suburban submarket while creating lasting value for investors.”
White Oak will feature Class-A unit interior finishes such as stainless-steel appliances, quartz countertops, and vinyl wood flooring. Community amenities will include an enclosed courtyard, sundeck and pool, outdoor cooking and dining areas, work-from-home amenities, a dog park, pet spa, and an expansive fitness center.
The five-story development benefits from close proximity to several major regional employers including the U.S. Food and Drug Administration (FDA) White Oak Campus, the new Adventist White Oak Medical Center, the University of Maryland, Fort George G. Meade, the National Institutes of Health, Walter Reed National Medical Center, Marriott International, and Lockheed Martin. Within a 16-mile radius of the site are over 90,000 non-federal jobs and 100,000 additional federal jobs. Directly south of White Oak, a public-private partnership is planning to develop seven million square feet of office, retail, commercial, R&D, and medical space.
“We are honored to partner with Montgomery County and the White Oak and East County Community to deliver the highest-quality housing that NRP is known for nationwide in an incredibly convenient location within the thriving White Oak community in Silver Spring,” says Josh Wooldridge, Senior VP of Development at The NRP Group. “The combination of this site’s convenience, central location, and best-in-class amenities will make it a welcome addition to the White Oak market, and we could not ask for a better partner in CP Capital.” White Oak marks the second time CP Capital, formerly known as HQ Capital Real Estate, has partnered with The NRP Group, having previously developed the Rockwell in Massachusetts.