EJF Capital Announces Completion of The Bellevue in Hyattsville, Marking Growth in QOZ Markets
EJF Capital, an esteemed global alternative asset management firm, has recently heralded the completion of The Bellevue, a notable 361-unit multifamily development which takes a prominent place within the flourishing landscape of Hyattsville, Maryland. This venture represents the fifth successful undertaking within their OpZone Fund II, and stands as a testament to the firm’s strategic foray into robust, metropolitan Qualified Opportunity Zone (QOZ) markets.
The partnership forged with The NRP Group in the development of The Bellevue points to a shared vision of tapping into the high potential areas of Prince George’s County. This residential nook, energized by substantial economic uplift and improved access to employment epicenters within the greater Washington, D.C. area, is bolstered by the vicinity of the University of Maryland, a bustling arts district, and a thriving landscape of retail and culinary delights. Considering these factors, it becomes evident that the demand for superior housing options in the area holds strong potential for staying power.
As residents begin to occupy this newly minted community, they will find themselves enveloped in the comfort of studio, one-, two-, and three-bedroom apartments. Complementing these living spaces is a thoughtful array of amenities—access to a modern fitness center, an inviting clubroom, a versatile co-working lounge, serene landscaped courtyards, and adequate structured parking—all elements that resonate with a desire for a balanced and enhanced urban lifestyle.
The opportunity to contribute positively to the housing market in high-growth communities is an objective EJF Capital holds in high regard, as conveyed by Asheel Shah, Senior Managing Director and Head of Real Estate Development at EJF: “We are pleased to bring The Bellevue to completion as we invest in high-quality housing within supply-constrained and growing communities. Hyattsville’s strong demographic and employment trends make it a highly attractive market, and The Belleville reflects our commitment to delivering thoughtfully designed multifamily communities with best-in-class partners.”
The addition of The Bellevue to EJF Capital’s expanding portfolio, which includes a combination of multifamily and industrial developments in QOZs across the United States, shines a light on the firm’s coherent and forward-thinking strategy. Since 2018, EJF has directed its investments toward 24 multifamily and commercial ventures, with five momentous developments coming to fruition within the OpZone Fund II. These initiatives underline EJF’s unwavering pledge to develop institutional-quality properties in locales that are primed for persistent expansion.