S.L. Nusbaum expands into Maryland
S. L. Nusbaum Realty Co. announced the ground-breaking Monday of The Fred, a 240-unit apartment community located in Frederick, Md., in the Waverly View Planned Neighborhood Development. Thomas Johnson III and Richard Counselman led Nusbaum's development team on the venture.
This is the first multifamily development in Maryland for the Norfolk-based firm. Located less than an hour from Washington, D.C,. and Baltimore, Md., Frederick is the second largest city in the state with 65,000 residents.
Nusbaum said it partnered with the Maryland Community Development Administration, AGM Financial Services Inc.,Wells Fargo Bank and Boston Financial Investment Management to secure financing on the project. The total investment is about $50 million.
The property is currently under construction with Morgan-Keller Construction Co. as the general contractor. The development is expected to be completed by early to mid-2018, with apartment units ready for occupancy prior to that time.
S.L. Nusbaum Realty Co. currently manages about 20,000 apartment units and says it has developed close to 50 communities throughout the mid-Atlantic.