Partially Affordable Community Opens in Metro Washington, DC

RST Development broke ground on the 70-unit project in the fall of 2018, having multiple financing sources.

Main Street Apartments. Image courtesy of Hercules Living

Main Street Connect, a nonprofit organization linked to RST Development, has opened Main Street Apartments, a 70-unit partially affordable community in Rockville, Md. RST broke ground on the project catering mainly to low- and middle-income residents in the fall of 2018. According to Yardi Matrix data, construction financing included a $19.7 million loan from EagleBank and $2.5 million from the Housing Initiatives Fund of Maryland Department of Housing and Community Development.

The seven-story building at 50 Monroe Place houses studio, one-, two- and three-bedroom floorplans ranging from 462 to 1,345 square feet. Of the total, 53 units are reserved to households earning 30, 50 and 60 percent of the area’s median income, while the rest have market-rate rents. Additionally, 17 units of the total cater to residents with special needs and disabilities. Amenities include a 10,000-square-foot community center, fitness center, teaching kitchen, cyber lounge and coffee shop. Hercules Living manages the property.

Located some 15 miles northwest of downtown Washington, D.C., Main Street rises in the center of Rockville, near Montgomery County’s main public institutions and within walking distance of Rockville Town Square. The location is easily accessible through public transportation, having train, metro and several bus stations nearby.

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