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High-end apartments to be built near Potomac Mills

Friday - 3/30/2012, 1:31pm  ET

D.C. investment firm The Carlyle Group has formed a joint venture with Greystar Real Estate Partners LLC, a Charleston, S.C.-based apartment investor and management company, to build a high-end apartment development near Potomac Mills.

Financial terms of the joint venture weren’t disclosed. The project will be constructed on a 9-acre site on Jefferson Davis Highway.

The apartment community, called Potomac Heights, will include 288 luxury apartments. It is scheduled for completion by summer 2013.

“This is a great location in a growing market,” said Carlyle Vice President Adam Buchwald in a statement. "We see rising demand for luxury rentals."

Bank of America will provide construction financing. Greystar has more than two dozen apartment communities in the Baltimore and Washington areas.