Morguard North American Residential REIT announced earlier this week that it has acquired the retail portion of Rockville Town Square. Having purchased Fenestra Apartments in 2017, this acquisition of the remaining retail in this mixed-use asset expands Morguard’s investment in the City of Rockville. The transaction closed at a purchase price of US$33.0 million, excluding closing costs. The news was brought to our attention by The MoCo Source earlier this month.
Per the press release: “Morguard is pleased to expand our investment in Rockville, Maryland by acquiring the retail space,” said K. Rai Sahi, Chairman and Chief Executive Officer of Morguard North American Residential REIT. “This acquisition along with our ownership and management of Fenestra Apartments gives Morguard the opportunity to better execute on our long-term vision.”