According to the Portico leasing office, 82% of the building’s 151-units are now occupied. Of course, that could be chalked up to the fact that they’re offering two months free rent to tenants (how’s that for an amenity), but could also have to do with timing. In the two years since Patriot broke ground on the Portico, other Silver Spring projects once pursuing similar timelines – 1050 Ripley, Midtown Silver Spring and the Transit Center Towers, to name a few – have seen their timelines extended ad infinitum as developers struggle to secure financing.
That’s left a big hole in Silver Spring urbanista-friendly housing market that Patriot has seemingly filled with flourishes like in-house billiard and yoga rooms, a wireless internet lounge and a mini-theater that screens movies and sporting events. Plus it’s a block from the Metro – an advertising point so strong that the developer renamed the project after it.
Rents in the Portico are currently starting at $1550. Patriot Realty did not respond to DCmud’s inquiries concerning the project.