Fairstead Expands Multifamily Portfolio With $90M DC-Area Buy
A joint venture between Fairstead and InterVest Capital Partners has acquired the Villas at Rockville, a 210-townhome community in the Shady Grove neighborhood of Rockville, Md., near Washington, D.C., for $90 million.
The sellers were a joint venture between Cove Property Management and Advantage Properties, which acquired the Villas at Rockville in 2016, according to property records. The price was not disclosed.
Located at 1699 Yale Place — near DNA Alley, the 15-mile corridor from Bethesda to Germantown known as a national life sciences hub — the community will be rebranded as The Ivy Rockville.
“The Ivy Rockville offers the comforts of townhouse living in a desirable location within the D.C. metro area,” David Murstein, managing director of development at Fairstead, said. “DNA Alley anchors Montgomery County’s diverse and growing employer base, and between Rockville’s town center, King Farm Village and RIO Lakefront there are plenty of retail and lifestyle amenities.”
The community offers two-, three- and four-bedroom homes, all with private entryways. Amenities include a large swimming pool with a furnished sundeck, a fitness center, a club room and a playground.
“With a highly desirable location and top-tier amenities, our property management team looks forward to bringing best-in-class service and experiences to our residents,” Toni Harris, vice president of operations on Fairstead’s property management team, said.
The Ivy Rockville joins Fairstead’s existing portfolio of 5,000 market-rate homes, including Pelham Hall in Boston, the Chocolate Factory Lofts and La Rochelle in New York City, and 1500 Locust in Philadelphia.
Keith Loria can be reached at Kloria@commercialobserver.com.