Developers plan to break ground this summer on a new apartment building close to the Savage MARC commuter rail station.
Armada Hoffler Properties, a real estate investment trust headquartered in Virginia Beach, said it has invested $42 million in the multi-family part of Annapolis Junction Town Center, a transit-oriented development that also includes a hotel, office building and retail space.
The firm, which will be the general contractor for the $102 million project, also has an option to take a controlling stake in the 416-unit property after its completion, expected to be in early 2018.
Annapolis Junction Town Center, located close to Fort Meade in Anne Arundel County, has been planned since at least 2006. Bethesda-based Somerset Construction Co. took over as lead developer in 2013.
Southern Management Co. previously had been named as partner on the residential part of the project.