The Goldstar Group, a Bethesda, Maryland-based commercial real estate firm, has initiated construction activities for Residences at East Church Street, a new community in Frederick, Maryland that will comprise 350 Class “A” apartment homes. The real estate group acquired the 24-acre parcel, located on 400 East 7th Street in 2022 from Frederick Health Hospital for an undisclosed price, and immediately revealed its development intentions. Last week, The Goldstar Group secured a nearly $84 million loan from ACRES Capital Corp. to fund the construction of this community.
Residences at East Church will consist of five, four-story multifamily buildings with the first delivery scheduled for April 2024 and final completion of the development expected to occur in late 2024. The project will include a state-of-the-art clubhouse amenity outfitted with a fully-equipped fitness center, outdoor pool, co-working spaces and common areas and meeting rooms suited for entertainment activities. Approximately 525 free parking spaces will be available, as well as 11, two-car garage units which can be reserved and rented by residents.
The multifamily apartment homes will offer studios, one-, two- and three-bedroom floorplans ranging from 550 to 1,275 square feet of space with an average unit size of 950 square feet. Each home will include high-end luxury finishes and fixtures such as 10-foot ceilings, a stainless-steel appliance package, quartz countertops, soft-close kitchen cabinetry, kitchen islands with bar top seating, extra-large closets and wood flooring. The apartment homes will be elevator-served and include a walk-out terrace area.
Residences at East Church will also incorporate a full range of outdoor common-area amenities designed to add value to the living experience within the community. Features include a waterfall element, dog park and dog wash area, tot lot and bike lanes that provide connectivity to nearby Carroll Creek Park and its offerings of shopping, restaurant and entertainment options in downtown Frederick.
This represents the first real estate project in the greater Frederick area for The Goldstar Group, which has developed more than $500 million worth of commercial and residential projects throughout the Mid-Atlantic region in the past decade.
Every interior and exterior detail of Residences at East Church has been thoughtfully designed to enrich the lives of its residents and position the community as best-in-class in the greater Frederick area,” explained Michael Brodsky, Chief Executive Officer of The Goldstar Group. “We realize that, in many instances, a person’s home now also functions as a place to work and entertain, so it was important to incorporate both functional and aesthetic elements that elevates the quality of living and contributes to their total wellbeing. The community’s position within several miles from downtown Frederick also presents an entire array of business, social and entertainment options.”
According to data from Rent.com, the average rental rate for apartments in the Frederick area ranges from $1,695 to $2165 per month, including $1800 for a studio unit. This compares to $2561 for a similar apartment in Ashburn, Virginia; $2100 in Columbia, Maryland and $1989 in Washington, D.C. The median listing price for a single-family home in Frederick is $435,000 according to redfin.com.
Residences at East Church is located less than one mile from downtown Frederick and can be accessed via Interstate 270 and MD Route 85. The community will also be added to the Carroll Creek cycling network in Frederick so that residents can enjoy accessing downtown Frederick via walking or cycling.
“We're excited to have The Residences at East Church in Frederick as this community will provide much needed high-quality housing inventory and takes advantage of a unique infill opportunity for the City of Frederick. This development also continues our progress toward additional connectivity between our East Street Corridor and Monocacy Boulevard, and we look forward to seeing its completion,” stated City of Frederick Mayor Michael O’Connor.
Morgan-Keller Construction is handling all general contracting services for this development.
The Goldstar Group is a privately-held firm strategically focused on commercial real estate investments and services on behalf of its clients and principals. Primarily focused in the Washington DC metropolitan area, Goldstar’s core capabilities include acquisitions, development, asset and property management, advisory services and capital markets transactions. Founded in 1995, Goldstar has nearly 30 years of experience investing, developing and managing all classes of real estate and financial products on behalf of our clients. For additional information visit www.TheGoldStarGroup.com
