American Community Properties Trust / APO
The Sheffield Greens apartment community in St. Charles. (Photo: Courtesy of company.)
About American Community Properties Trust
222 Smallwood Village Center, St. Charles, Md. 20602
www.acptrust.com
| 301-843-8600
| Founded: 1997
Industry: Real Estate | Category: Top 100 Companies
American Community is slated to build 24,000 housing units in its Charles County master-planned development over the next three decades. The massive project is about half complete.
Last year, it finished a 252-unit apartment complex within the Fairway Village development, the firm's first rental project in a decade. The building is about 60 percent occupied, with rents of about $1,400 to $1,500. The company also broke ground on a 160-unit condo project, the first condo project in Charles County in 30 years.
American Community is required to fund about $30 million worth of road projects over the next few years to help alleviate traffic around its development. It spent $10 million on roads last year and started the St. Charles Parkway, a cross-county connector, said President Edwin L. Kelly.
The company also formed a joint venture with Lennar, the nation's second-largest home builder, to construct a development with 350 single-family homes off the St. Charles Parkway. The community, with a recreation center and an indoor pool, is expected to open before summer.
In Puerto Rico, American Community is nearing the completion of its latest condo project. It also bought 250 mid-rise rental units in Baltimore for about $80,000 a unit.
American Community's stock was more or less flat in 2006, opening and closing the year below $20. But Kelly said he was "reasonably happy with the performance" because "a lot of home builders have declined 20 to 30 percent."
Chairman and CEO: J. Michael Wilson
2007 Financial Data
Total employees: 274 | Local employees: 120Did You Know
American Community Properties Trust, which began as a construction firm in Puerto Rico, got into large-scale development in the Washington area in the 1970s and is now a real estate investment trust building a master-planned community in Charles County. It has developed nearly 15,000 housing units in the county and in Puerto Rico, plus 2 million square feet of commercial space. It owns and manages 6,500 apartment units.
