DC-Area Community Trades for $129M

Located one mile east of Interstate 270, Fenestra was completed in 2008 and is part of the 1.7 million-square-foot Rockville Town Square.

By Bogdan Odagescu

Morguard North American Residential REIT and Morguard Corp., of Canada, acquired the 492-unit Fenestra in Rockville, Md., from CIM Group. The Class A community traded for $129 million and the two buyers own equal shares of the asset. The acquisition was financed through a 10-year loan in the amount of $71 million.

Located at 20 Maryland Ave., the three-building community is part of Rockville Town Square, a large transit-oriented development. The property is situated within walking distance of the Rockville MARC station and one mile east of Interstate 270. Fenestra is roughly six miles north of the Capital Beltway and within a 45-minute ride of downtown Washington, D.C.

Completed in 2008, the community offers studio, one-, two- and three-bedroom units ranging between 552 and 1673 square feet. According to Yardi Matrix data, the property was 95 percent occupied as of July, and the average rent for 2016 was roughly $2,100.

Large-scale TOD

The result of a public-private partnership, the mixed-use Rockville Town Square offers roughly 1.7 million square feet of residential, retail, parking and civic space. The development includes a 100,000-square-foot library, a 40,000-square-foot Arts and Innovation Center and a 28,000-square-foot landscaped plaza.

The transit-oriented project was developed by Ross Development & Investment and The DANAC Corp., in collaboration with the City of Rockville and Montgomery County. The joint venture developing the project sold the Fenestra portion to CIM Group in 2007.

Images courtesy of Fenestra website

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