Kettler, Cornerstone Start Work on Suburban DC Apartments
- Jan 14, 2016
Rockville, Md.—Kettler, a real estate developer and property manager based in Washington, D.C., and Cornerstone Real Estate Advisers, acting on behalf of an institutional investor, are preparing to develop The Metropolitan at Rockville Town Center. The property will be a 275-unit mid-rise apartment community in Rockville, part of the Washington-Baltimore metro area.
The Metropolitan at Rockville Town Center will be located at 255 North Washington St., neighboring Rockville Town Square, a dining, entertainment and shopping district. The site used to be home to a Bank of America branch that was demolished in 2014.
The property will feature a variety of floor plans, include one-bedroom lofts, and two- and three-bedroom units. Common amenities will include a fitness center, yoga room, pet grooming room and swimming pool, plus a two-level lounge. The property will feature about 6,000 square feet of ground-floor retail space.
Rockville is home to a number of rapidly growing biotechnology and software companies, noted Asheel Shah, president of multifamily development at Kettler. “We want to be where there’s growth and we think the Metropolitan puts us in the middle of the action, where demand continues to be robust for multifamily housing,” he said.
Construction will begin in January. To facilitate the development, the partners closed on a land and construction loan for an unspecified amount with lender Wells Fargo Bank. The project team includes R2L Architects and interior designers, Parker Rodriguez, landscape architect, and Macris, Hendricks and Glascock, civil engineers.