A joint venture of CP Capital and The NRP Group say they will be developing ‘White Oak’ – a 390-unit, wrap-style and townhome multifamily development project in Silver Spring, Maryland.
The five-story multifamily community in Eastern Montgomery County 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, the developers say in a statement.
“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.”
“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 vice-president 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.