Peterson Companies Acquires Multifamily Complex in Rockville for $136M
Peterson Companies continues to expand its portfolio in the Washington, D.C., region.
Peterson purchased Huntington at King Farm, a 402-unit multifamily community in Rockville, Md., one of two developments on the site, CBRE (CBRE) brokers announced Tuesday. Peterson purchased the property for $135.5 million, a source close to the deal confirmed.
Located at 801 Elmcroft Boulevard in Rockville, the housing community features units that average 1,200 square feet, 165 of which are townhomes with private garages.
Approximately 342 units have been renovated since 2011, and Peterson plans to renovate the remaining units, according to CBRE.
The sale goes against trends in the region, however. Sales volume in the mid-Atlantic totaled $1.64 billion in the first six months of 2023, a 64 percent decrease compared to last year, according to CBRE’s Mid-Atlantic Multifamily Report for the first half of this year.
Yet the report also notes that, historically, the latter half of the year typically yields higher sales volume, which could pave the way for a market resurgence in 2024.
Fairfax, Va.-based Peterson is one of the largest privately owned real estate development companies in the D.C. area. It owns National Harbor, a sprawling waterfront resort on the banks of the Potomac near Alexandria, Va., as well as Downtown Silver Spring, a 440,000-square-foot retail complex in Silver Spring, Md., among other properties.
Nick Trombola can be reached at NTrombola@commercialobserver.com.