THE SPONSOR plans to develop a high-end, 170-unit, retail-adjacent, build-for-rent townhome community. The Sponsor believes that the project will help to fill the need for high-quality, medium density, rental product in a well-located commuter area. The Project will offer a generous community center consisting of a club room, fitness center, and leasing office near the center of the community, adjacent to a community park. Additionally, a playground, dog-run, and several pocket parks (smaller parks in between the buildings in the community) will be built throughout the site..
Brandywine, MD
The Site is in Brandywine, MD along U.S. 301/MD 5, directly adjacent to Brandywine Crossing Shopping Center. Brandywine Crossing provides a mix of big box retail anchors, a movie theatre, a grocery store, shop space, and pad sites with ample parking. The 800,000 SF shopping center serves as a convenient regional power center for a major portion of southern Maryland and contains over 2,000 dedicated retail parking spaces.
There are two recently delivered for-sale residential communities within two miles of the Site: Chadds Ford Landing and Timothy Branch. Chadds Ford Landing (D.R. Horton) consists of 187 homes and is directly to the west across Route 301 from Brandywine Crossing. Timothy Branch is a newly built residential community to the north of the Site. Timothy Branch consists of 57 attached townhomes and 54 single-family homes. Timothy Branch is being developed by NVR / Ryan Homes. In a rent vs. own analysis, these sites are generally more expensive (3% or more) and require down payments and other ownership costs, making rental options that can offer many of the same qualities as owning a home seem more appealing. Additionally, the growing residential neighborhoods in the area are a testament to the demand for single-family and the appeal of the central location between a number of major employment nodes.
Brandywine, MD
Cioffe Enterprises [CEI], is pleased to announce the opportunity to co-invest in the development of The Retreat at Brandywine Crossing. FP is developing a 170-unit, retail-adjacent, BFR townhome community (the “Project”) on an 18.6-acre site on Matapeake Business Drive (the “Site”) in Brandywine, Maryland. FP will deliver a high-quality project to fill demand for medium-density, well-located rental housing in the market. FP entered into a purchase contract with the seller in June 2020, executed due diligence and entitlement processes, closed on the acquisition of the land in December 2021, and began sitework in Q3 2022. Occupancy is planned 1st Quarter 2024.
Susan Molosh Executive VP
Cioffe Enterprises, Inc. 