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Federal Realty Hopes PerSei Gets Pike & Rose Off The Ground

By WTOP Staff

The pool and courtyard at Pike & Rose's PerSei apartment Hallway under construction at Pike & Rose's PerSei apartments Exterior under construction, looking toward the Bethesda North Marriott Hotel & Conference Center A ground-floor unit patio in the PerSei apartment courtyard Federal Realty's PerSei apartment will bring the first new residential units to White Flint after the 2010 White Flint Sector Plan 2-bedroom corner unit at Pike & Rose's PerSei apartment View overlooking the future realigned Executive Boulevard at Old Georgetown Road Fourth-floor corner unit at PerSei overlooking Old Georgetown Road A large balcony unit looking east toward Rockville Pike View of an outdoor fitness space being installed at a future Sport&Health gym in Pike & Rose Bedroom view of a 1-bedroom unit at PerSei

Each of the 174 units at Federal Realty’s PerSei rental property was built with a specific type of tenant in mind.

The building, the first apartments to be delivered as a result of the 2010 White Flint Sector Plan, will also be the first test of the residential market for the Rockville-based developer’s massive Pike & Rose project.

The building is pre-leasing now and will be ready for move-in in May. Evan Goldman, development vice president for Federal Realty, is providing media tours of the soon-to-be-finished four-story building on Old Georgetown Road.

“This unit, if I had to guess, with the two separate bedrooms on either side would end up being two guys or two women in their 20s or early 30s who want to be right in the middle of it all,” said Goldman, showing a corner unit across the street from a future outdoor bar space, music venue, gym and movie theater. “Our sense is the units in the middle of the action will be a little bit louder.”

The one- and two-bedroom units will be priced from $1,800-$4,000 a month, similar and slightly cheaper than the luxury highrise Pallas project underway two blocks over.

The entire Pike & Rose project will include roughly 1,500 residential units, 430,000 square feet of retail space, 1.1 million square feet of office space and a 350-room hotel. Phase 1, which includes PerSei, will be delivered later this year.

“I think it will set the bar for the new units in the area,” Goldman said.

The apartments on and overlooking the courtyard pool area will have balconies, as well as some of the units on the outside.

From one vantage point overlooking Old Georgetown Road, Goldman pointed out how the realigned Executive Boulevard will travel through the parking lot at the Bethesda North Marriott Hotel & Conference Center and lead to a new Wall Park.

The new apartment will be in on the ground floor of White Flint redevelopment. Sector Plan-inspired projects planned for White Flint Mall, at the LCOR site across Rockville Pike and the Metro Pike Shopping Center still must go through the county approval process. JBG’s North Bethesda Market development, the first part of which was built under previous master planning, still awaits the start of development on future residential towers.

Federal Realty has been marketing the PerSei through a website, social media campaign and at events such as the Pike Central Farm Market. Goldman said the most popular unit by far has been the large corner one with 15-foot high ceilings that will overlook a future pedestrian retail area.

In a one-bedroom unit overlooking Rockville Pike, the tenant will be able to see the White Flint Metro station.

“There will be an elevator right here. People think about if you can cut two or three minutes off your walk or commute based on where you are in the building,” Goldman said.

Goldman’s team also decided to take advantage of the view with a large balcony space capable of holding eight or nine guests. He also already envisioned exactly the type of person who would live there.

“This is where on a Saturday night, you’re having friends over, sitting outside, there’s a football game on and you’re having a great time,” Goldman said. “This is kind of the perfect unit for a bachelor or bachelorette. We thought about who would be in these units.”

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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