Rockville Apartment Complex Sells For $90 Million

Fairstead grows Maryland footprint with the acquisition of Villas at Rockville, announces a rebranded residential campus as The Ivy Rockville. According to Biz Journals, the 210-unit Villas at Rockville (1699 Yale Place) were sold for $90 million. Additional information in the press release below.

Press release: Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development, and InterVest Capital Partners today announced the acquisition of Villas at Rockville, a residential community in the Shady Groveneighborhood of Rockville, Maryland. The community consists of 210 spacious townhomes, averaging more than 1,900 square feet of living space, and will be rebranded as The Ivy Rockville.

“The Ivy Rockville offers the comforts of townhouse living in a desirable location within the DC metro area,” said David Murstein, Managing Director, Development at Fairstead. “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. Through our partnership with InterVest, we will create an elevated residential experience for residents.”

With two-, three-, and four-bedroom homes, all with private entryways, The Ivy Rockville features well-appointed residences with plenty of work-from-home space. All homes have in-unit washer-dryers. The pet-friendly community has ample landscaped outdoor space for residents to enjoy, including a large swimming pool with a furnished sundeck for summer lounging and a playground. It also features a fitness center and club room with a full kitchen, dining table, wi-fi, and screening area.

“We are thrilled to add The Ivy Rockville to our growing market-rate portfolio,” said Toni Harris,Vice President, Operations at Fairstead. “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.”

The Ivy Rockville is located in the Shady Grovesection of Rockville, which offers access to an excellent school district, including the adjacent College Gardens Elementary School, Richard Montgomery High School, and Montgomery College. It sits next door to the six-acre College Gardens Park, which features basketball courts, grills, picnic tables, and a playground.

The property is two miles away from Rockville Town Square, a mixed-use urban plaza with shops, restaurants, and year-round activations including art and live music. The homes are conveniently located a short distance away from grocery stores, a movie theater, pharmacies, and more with a total of five million square feet of retail within three miles.

The community is also located nearby DNA Alley: the 15-mile corridor from Bethesda to Germantown that has become a national hub for bio and life sciences organizations and companies. Anchored by the National Institute of Health, the corridor is home to 350 companies employing 370,000 people. Rockville offers quick access to Washington, D.C., including via public transit with metro stations in Rockville and Shady Grove.

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.