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Woodfield Investments and Clark Builders Group Break Ground in Old Towne Gaithersburg

The Residences at Hidden Creek Marks Montgomery County's Newest Upscale Apartment Community
June 14, 2011

GAITHERSBURG, Md. — Woodfield Investments and Clark Builders Group hosted a groundbreaking ceremony today formally recognizing the commencement of The Residences at Hidden Creek, a new upscale apartment community in Montgomery County. Upon completion, the four-story project will contain 300 luxury apartments and amenities enclosing an above-ground parking garage.

Woodfield Investments and Clark Builders Group Break Ground in Old Towne Gaithersburg Press Release Image

Residences at Hidden Creek

"We are delighted that the Residences at Hidden Creek will soon offer wonderful accommodations to hundreds of new people who will get to call Gaithersburg 'home'," said Mayor Sidney Katz. "It was our pleasure to join with Woodfield Investments, Clark Builders Group, representatives from HUD, and other community leaders to witness the start of an exciting project that promises to bring new energy to our City."

Located at the corner of Girard Street and Goshen Road, Hidden Creek's location offers several mass transit options, providing convenient access to the entire Washington, D.C. area. Residents will enjoy a 6,000-square-foot clubhouse and leasing facility on site, a state-of-the-art fitness center, theater and gaming area, and a resort-style pool and landscaped courtyard. The project's units feature high-end finishes such as stainless steel appliances, granite countertops, and hardwood flooring. Woodfield Investments anticipates welcoming the first residents in the fourth quarter of 2012.

"Woodfield Investments is excited to break ground on The Residences at Hidden Creek and become part of the vibrant Gaithersburg community," said Todd Jacobus, principal. "We look forward to delivering what promises to be a source of pride for this great community and becoming a strong community partner in the years to come."

Designed by The Housing Studio of Charlotte, NC, the project is financed through the U.S. Department of Housing and Urban Development (HUD)'s 221(d)(4) program for market rate apartment projects. Red Mortgage Capital of Columbus, OH acted as the Multifamily Accelerated Processing Lender for the financing. Woodfield Investments is also supporting sports opportunities for the city's youth through a donation to the City's Rosen Sports Fund. The mission of this fund is to provide sports opportunities for those who are financially strained and would otherwise not be able to participate. Donations are also used to support existing programs or provide new opportunities to engage youth in physical activity.

Community members joined Woodfield Investments, Clark Builders Group, HUD officials, and City of Gaithersburg officials at the groundbreaking ceremony. Remarks were made by Jacobus, Mary Ann Henderson of HUD, and Mayor Katz and City Manager Angel Jones of the City of Gaithersburg.

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About Woodfield Investments

Since its founding in 2005, Woodfield Investments has completed nine apartment communities totaling 2,475 apartment homes in metro Washington, D.C., Raleigh, Charlotte, and Charleston. Properties developed by Woodfield Investments include the mixed-use, high-rise Siena Park located in Arlington, VA, Woodfield South Point in Charleston, Woodfield St. James in Goose Creek, SC, and Woodfield Glen in Raleigh. Woodfield Investments currently has two apartment communities under construction, the 237-unit Metro 808, in Charlotte, and the 300-unit The Residences at Hidden Creek in Gaithersburg, MD. Woodfield plans to break ground this year on three additional apartment communities located in Hyattsville, MD, Raleigh, NC and Charlotte, NC. For additional information, visit Woodfield's website at www.woodfieldinvestments.com.

About Clark Builders Group

As the second largest multifamily builder in the nation, Clark Builders Group (CBG) is one of the nation's premier builders of luxury apartments, military family housing, and mixed-use communities. CBG has constructed more than 50,000 homes since its founding in 1992 and boasts an extensive portfolio of nationally acclaimed, award-winning communities on both coasts. CBG is an affiliate of the Clark Construction Group, one of the nation's oldest and largest private general contractors. For more information, visit www.clarkbuildersgroup.com.

About U.S. Department of Housing and Urban Development

HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers, meet the need for quality affordable rental homes, utilize housing as a platform for improving quality of life, build inclusive and sustainable communities free from discrimination, and transform the way HUD does business. For more information, visit www.hud.gov.

About City of Gaithersburg

Located in the heart of Montgomery County, Gaithersburg became an incorporated City in 1878. With a population of just over 60,000, it is now one of the largest cities in Maryland. Gaithersburg is an international center of biotechnology, and it boasts award winning schools, neighborhoods and commercial developments. In 2010 Gaithersburg ranked #25 on a national list of Best Places to Live compiled by CNN/Money Magazine. For more information please call the office of the City Manager at 301-258-6310 or visit the City's website at www.hathersburgmd.gov.