Commonwater intends to fully permit and deliver a 209-unit multifamily development in Waldorf, Maryland on 4.2-acre site located in a mixed-use opportunity zone. Located just 28 miles from downtown Washington DC via capital beltway and highway 301, the project offers a more affordable alternative to suburbs located closer to downtown DC. Development rights are granted in two stages: first, in the form of master plan approval for the use (complete) and second, as a site plan approval for the proposed 209-unit multi-family project (in process). In addition to approvals, Commonwater is seeking a subsidy to defray the cost of structured parking and anticipates a tax abatement that could relieve as much as 60% of the future tax burden for a minimum of 10 years. The development is expected to have a substantial market penetration with submarket occupancy rates trending over 95% from 2020 and rents continually rising year over year.