CP Capital and The NRP Group have announced plans to develop White Oak, a 390-unit wrap-style and townhome multifamily community in Silver Spring, Maryland. Expected to break ground in the first quarter of 2023, first units of the five-story development will be delivered in the third quarter of 2024 with community completion by second quarter of 2025.
“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,” says 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 offer Class A unit interior finishes including stainless-steel appliances, quartz countertops, and vinyl wood flooring. The community will feature an enclosed courtyard; outdoor cooking and dining areas; a sundeck and pool; work-from-home amenities; a dog park and pet spa; and a fitness center.
As part of the White Oak Science Gateway area, the new community will be well connected to the broader Maryland and Washington, D.C., metro area. White Oak is near several regional employers including the U.S. Food and Drug Administration 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.
“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 welcomed addition to the White Oak market, and we could not ask for a better partner in CP Capital.”
Directly south of White Oak, a public-private partnership is planning 7 million square feet of office, retail, commercial, and medical space. Having previously developed the Rockwell in Massachusetts, White Oak marks the second time CP Capital has partnered with The NRP Group.