Maedwell Companies has announced the acquisition of a MU-4 development site in Shepherd Park.
The development site, which was acquired in a single transaction, consists of a corner parcel off of Georgia Avenue in the Walter Reed Development Area.
The purchase offers Maedwell the rare opportunity to develop and construct a 9,000 square foot – 9 unit- residential tower in the heart of the Walter Reed Development area.
“This opportunity came about without requiring significant investment. It is exciting to be able to build an anchor development in the neighborhood before all of the major development is completed in the next couple of years,” said Maedwell CEO Syga Thomas. “We found this to be the perfect time, development site and opportunity to develop DC’s next great residential district and neighborhood.”
Financial terms were not disclosed.
About Maedwell Companies
Maedwell is one of the fastest growing developers, owners, operators, and asset managers of real estate in the Metropolitan Area. Active across DC and Virginia, Maedwell is relied upon by many families and businesses to meet their space needs. As of December 31, 2017, the firm had acquired, developed and/or managed a portfolio of approximately 25 thousand sq. ft. with a total value of approximately USD $16.2 million since its founding in 2007.