Participating builders in St. Charles, Maryland this weekend executed their 200th contract for a new home in 2012, achieving this mark for the first time in decades. The continued strong sales in the 9,100 acre master-planned community represent an established dominance of the Southern Maryland new home marketplace, outpacing any other competing community in both Charles and Prince Georges Counties and Southern Maryland.
In September, St. Charles announced a 43% increase in third quarter new home sales, year over year. Homebuilders Lennar and Ryan Homes continue to report high levels of model traffic, particularly following the two community-wide open houses held on weekends in October and November. St. Charles presents buyers with a wide variety of homes offered at extraordinary values in a community with a large amenity base, easy access to the Beltway and nearby work destinations. St. Charles is considered one of the most successful master planned communities in the country and this year marks its 40th anniversary.
Making this accomplishment even more extraordinary, during the same time period, Kettler Management, on behalf of the St. Charles Companies, completed the leasing stabilization of the 120-unit Nines at Gleneagles property in St. Charles, which recently earned an Excellence in Construction Award from the Associated Builders and Contractors Association. The apartments are the second group of three that are planned for the Gleneagles neighborhood and are the fastest leasing apartments in Charles County. The Company plans to begin construction of the third Gleneagles apartment community, which includes an additional 213 units, in early 2013.
Overall occupancy at the company's portfolio of 2,500 apartments in the St. Charles planned community now stands at 94%, reflecting the popularity and appeal of St. Charles to a wide segment of consumers in the new home and rental housing markets
"New home buyers in St. Charles tell us they are attracted to the community for the excellent price points and value as well as amenities that include not only shops and restaurants but a minor league baseball stadium, a new library and a new, state of the art high school coming in 2014," said St. Charles Companies CEO, Alan Shearer. New homes in St. Charles have beginning prices in the $190's for townhomes and $260's for single family homes.
Named by CNN's Money Magazine as one of the top twenty small cities to live in America, St. Charles is known for its diverse and abundant neighborhoods, lively retail village centers, abundant recreational opportunities and excellent schools. St. Charles is home to the Southern Maryland Blue Crabs Atlantic League baseball team at Regency Furniture Stadium, the White Plains golf course and the just-unveiled, 30,000 square foot, LEED-certified Waldorf West public library.
Early next year the Company expects to open the Gleneagles neighborhood center, the ninth center in St. Charles and the most spectacular yet. The new center will be situated featuring views of the White Plains Golf Course and will include walking paths that will connect the community center to the Charles County park.
Arriving in 2014 will be the new 1,600-seat St. Charles High School, offering unique educational opportunities to students and the community alike. The new facility will include programs on environmental and natural resource management, technology, and current issues related to these fields of study, as well as cutting edge learning experiences such as a digital classroom and "Science on a Sphere." This feature, co-developed by NASA, provides students with visual instruction about science, the Earth and the environment.
St. Charles appeals to all ages and lifestyles and was featured in 2011 in the Washington Post's "Where We Live" section and named by U.S. News and World Report as one of the nation's top bargains for places to retire. St. Charles invites you to like us on Facebook at St. Charles MD or visit us at www.stcharlesmd.com.
The St. Charles Companies includes American Community Properties Trust, The Apartments of St. Charles, American Land Development and St. Charles Community, LLC. The St. Charles Companies' lines of business include the residential and commercial development of St. Charles, a 9,100 acre planned community in Charles County, Maryland and the ownership of an operating apartment portfolio of approximately 2,500 units in St. Charles.
Federal Capital Partners (www.fcpdc.com) acquired The St. Charles Companies in December 2009 through its FCP Fund I, L.P. Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.0 billion in assets since its founding in 1999. FCP is seeking debt and equity investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Virginia, Pennsylvania, the Carolinas, Delaware, New Jersey and West Virginia. FCP buys assets directly as well as through joint ventures with local operating partners through equity, preferred equity or mezzanine debt investments. The firm, based in Chevy Chase, MD, manages $769 million of discretionary capital. FCP is currently investing its second fund, a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com.