Peterson Cos. has acquired the 402-unit Huntington at King Farm: Phase II apartment complex in Rockville for $135.5 million, according to a recent BizJournals report. This is the first residential holding for Peterson Cos. in Montgomery County. On the retail side, Peterson Cos. owns Downtown Silver Spring, Milestone Center in Germantown, and Rio Lakefront in Gaithersburg. Peterson Cos purchased the property on September 21st.
“Located at 801 Elmcroft Boulevard in Rockville, Huntington at King Farm: Phase II is a unique multifamily property in the prestigious King Farm neighborhood. The community has a total of 402 rental units, 165 of which are townhomes with private parking garages. Originally built in 2000 with generously sized floor plans of nearly 1,200 square feet on average, the community has benefitted from by long-term institutional ownership that maintained the property to a high level. Since 2011, approximately 342 units have been renovated.
Huntington at King Farm: Phase II is in a favorable location, walkable to King Farm’s retail and the Rockville Metro Station and situated in the second-largest life sciences research talent cluster along the I-270 Biotech Corridor proximate to the Shady Grove Innovation District (breaking ground 2024). The property is currently 95.52% occupied and Peterson Companies has renovations planned for the remaining units, demonstrating their commitment to enhancing the community for all residents.”
According to CBRE’s Mid-Atlantic Multifamily H1 2023 Report, sales volume in the Mid-Atlantic through the first six months totaled just $1.94 billion, a 64 percent decrease year-over-year, and 46 percent below the long-term H1 average since 2014. Despite the decrease recorded in H1, the latter half of the year historically records a higher sales volume, and investors are still active in the market. Strong demand and market fundamentals offer strategic investment opportunities for multifamily buyers and point toward a resurgence beginning in the latter half of 2024.
The King Farm neighborhood contains single-unit detached homes, townhouses, apartments, a shopping center, and stand-alone office buildings all on a former 440-acre farm. The City of Rockville annexed the farm property in 1995, approving its redevelopment as a neo-traditional neighborhood with a grid street pattern and a mixture of land uses and housing types. Construction began in early 2000 and parts of the original plan are still coming to fruition. King Farm was designed to accommodate multi-modal transportation with extensive sidewalks, bikeways, and a regional transit line (the Corridor Cities Transitway), all with connections to the Shady Grove Metro Station.
Preserved from the former King family farm, or “Irvington Farm,” the farmstead, and its associated two dairy barns,
two tenant houses, and other ancillary buildings, are situated on property owned by the City that is designated as a local historic district and a City park. The City, with a priority for preservation, has stabilized or rebuilt several buildings on
the site, though the long-term maintenance and use of the property remains in question. In August 2016, the Mayor and Council convened a community task force to determine the best possible future use for the site, though no final decisions had been made on the task force’s recommendations as of the date of this writing.
King Farm Village Center is the primary retail center for the neighborhood, with 120,000 square feet of commercial space, including a major grocery store. Approximately 760,000 square feet of office space and a hotel are located west of the main residential community near I-270. King Farm was originally planned for more than 3 million square feet of Class A office space in the Irvington Center section west of Gaither Road. However, some of the allocated office capacity has been converted to residential townhouses and senior housing (i.e., Ingleside’s senior living, assisted living, long-term care and rehabilitation services) due to changing market demand.
Information courtesy of the City of Rockville Comprehensive Plan and a press release from CBRE
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FREE Shred Day
Join us at Lafayette Federal Credit Union for a Free Community Shred Day, an event dedicated to helping you protect your privacy and the environment! Bring your old bank statements, bills, medical records, and any other paper documents that need secure disposal, and we'll take care of them on the spot.
Why You Should Come:
Protect Your Privacy: Safely shred sensitive documents to help prevent identity theft.
Eco-Friendly: All shredded material will be recycled, supporting our commitment to sustainability.
Complimentary Breakfast: Enjoy a free breakfast on us--start your day right with good food and good company!
Exciting Giveaways & Prizes: Don't miss out on giveaways and be sure to enter our drawing for a chance to win one of four $100 gift cards.
This event is open to all! It's a fantastic opportunity to clean out those old documents cluttering up your home, safe in the knowledge that they will be disposed of securely. Plus, it's completely free!
Don't miss out on this chance to declutter safely, enjoy some free treats, and possibly win a great prize. We look forward to seeing you there, rain or shine!
For more information, contact us at www.lfcu.events/shred.
FEST OF SPRING Caribbean Wine Food & Music Festival
Get ready to experience the vibrant colors, tantalizing flavors, and infectious rhythms of the Caribbean at the FEST OF SPRING Caribbean Wine Food & Music Festival! Hosted by RHU LLC, this exciting festival is set to take place on May 18, 2024, at the picturesque 16700 Barnesville Rd in Boyds, MD.
Step into a world where the Caribbean spirit comes alive! From 12:00 PM onwards, immerse yourself in a sensory journey that celebrates the unique culture, cuisine, and music of the Caribbean. Whether you're an African American, a Reggae or Soca music enthusiast, a wine lover, or part of the vibrant Caribbean diaspora, this festival promises to delight and captivate you in every way.
Let the enticing aromas of mouthwatering Caribbean dishes tantalize your taste buds. Feast on traditional delicacies prepared by expert chefs, showcasing the rich and diverse culinary heritage of the Caribbean. Indulge in flavorful jerk chicken, succulent seafood, and delectable plantain dishes that will transport you straight to the islands.
Accompanying the culinary extravaganza is a carefully curated selection of premium wines, ensuring the perfect pairing for your palate. Sip on fine wines from renowned vineyards, each sip a reflection of the Caribbean's vibrant spirit. Discover new flavors, expand your wine knowledge, and savor unforgettable moments with every glass.
As the sun sets, get ready to groove to the infectious rhythms of Caribbean music. Feel the pulsating beats of reggae, soca, dancehall, and calypso, moving your body to the lively melodies. Live performances by talented musicians and performers will keep the energy high, ensuring a night of unforgettable entertainment.
Don't miss this opportunity to embrace the Caribbean spirit and celebrate the arrival of spring in style! Tickets are available on AllEvents, so secure your spot today. Join us at the FEST OF SPRING Caribbean Wine Food & Music Festival, where cultures collide and unforgettable memories are made.
LIVE PERFORMANCES By: CULTURE Feat. Kenyatta Hill, EXCO LEVI, IMAGE BAND, RAS LIDJ REGG'GO with Special Guest SUGAR BEAR FROM E.U. & MORE! & MORE!
MUSIC By: DJ ABLAZE, DJ SMALLY & NAJ SUPREME
2 NIGHT Camping packages available: RV/CAMPER $200 | TENTS $150 Starting on Friday May 17 @ 5pm | 30 RV SPACES | 30+ TENT SPACES
KIDS 12 & UNDER FREE!!!
