In June, the Washington Wizards traded three-time All-Star Bradley Beal to the Phoenix Suns for Chris Paul, Landry Shamet, a handful of second-round picks, and multiple pick swaps. In September, his Bethesda home went up for sale, and a couple weeks back the home officially sold.
Back in November 2021, we reported that the $48 million sale of River View (7979 E. Boulevard Drive in Alexandria, VA)- a 16,000 square foot home with an additional carriage home had set a new record for the most expensive home sale in DMV (DC, Maryland, Virginia) history. A new listing is currently on the market for a whopping $50 million (photos below).
Last month over 250 people attended an opening event for Rockville’s newest neighborhood- Farmstead District. Several potential busters camped out to be the first in line to purchase a home, with seven homes selling on the first day for EYA’s newest neighborhood that will also be joined by Pulte offering a total of 370 homes in 2024 (construction photos below).
A property in Rockville, known as the Rockville Metro Center, will be auctioned online beginning on November 13, 2023. The property consists of a vacant office building comprised of approximately 145,491 square feet, located on approximately 2.5 acres at 255 Rockville Pike, Rockville, Maryland 20850 adjacent to the Rockville Metro station. The starting bid is $2.5 million.
The property provides optionality for many uses, including the ability to redevelop the site as a residential building or convert the existing structure into life science space. The PD-RCI zoning has a wide range of applications, including the opportunity to redevelop the site into a mid-rise or high-rise residential building.
Per the listing, “Rockville Town Center offers strong demographics, correlating to steady apartment rent growth. The property’s vacancy offers an immediate opportunity to create value through multi-family development or a renovation of the existing structure for medical, life science, or other uses. Rockville Metro Center is ideally situated within the flourishing life science hub of the Washington Capital Region along the I-270 corridor, also known as “DNA Alley”. Located steps away from the metro, the property is more accessible than all life science properties in the region. Investors continue to recognize suburban Maryland (I-270 Corridor) as an established life science market with only a 4.5% vacancy rate. Rockville Metro Center presents an investor with the advantage of entering the extremely high barrier-to-entry market, where land and conversion opportunities remain rare to find.”
The auction listing can be seen here. ‘The Shops at Congressional Village’ shopping center, located just a couple miles down Rockville Pike went for $44 million in an auction last October.
Marcus & Millichap a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, recently announced the sale of Gaithersburg Citgo| Daytona Auto Care, a 2,506-square foot retail property located in Gaithersburg, Maryland. The property sold for $2,500,000 plus inventory, or $837.99 per square foot.
“The property attracted offers from several buyers,” Zhao said. “It’s not a typical Marcus & Millichap net leased deal. This deal involved real estate and its 35 years of business operation. Ultimately, an investor with a keen interest in auto care was found who enlisted the help of an experienced operator from California to assist with the business operation of the auto care facility. The buyer negotiated strategic termination of the property’s current fuel supply agreement as a contingency to close.” The property is located at 401-409 E Diamond Av. in Gaithersburg and includes Gaithersburg Citgo gas station and Daytona Auto Care LTD, which have been in business for more than 35 years.
Dany Zhao, an investment specialist in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, Taris Investment LLC and Daytona Auto Care, LTD. The buyer, Beroya LLC and East Diamond, LLC, was also secured and represented by Zhao.
Montgomery County’s Revenue Authority purchased the building that was most recently home to Gold’s Gym at 18810 Woodfield Rd in Gaithersburg for $3.68 million in a deal that has been in the works for over five years, according to Maryland Newsletters.
This past summer we let you know that Gold’s Gym at 18810 Woodfield Rd in Gaithersburg, located next to the Montgomery County Airpark, would close in August. The gym’s last day in business was Friday, August 25. In an email Gold’s Gym sent to its members, the gym stated, “The county is taking the land back under what is called eminent domain relating to the neighboring airfield – we are being required to exit and turn the building back over to the landlord.”
The Maryland Newsletters report states that the County’s Revenue Authority paid $3.68 million for the 17,670 SF building that sits on the southeast corner of the airfield after the Federal Aviation Authority had identified it as necessary to expand the safety ring around the airport.
A 5,600 SF retail building at 26437 Ridge Rd. in Damascus has been sold to a partnership headed by Alexandria, VA-based Harmon Capital Group for $1.14 million, according to a report by Maryland Newsletters. The building is currently home to Domino’s Pizza on the front-facing side on Ridge Rd, but the restaurant only takes up approximately 1,500 SF with no plans to close. There is an additional 4,100 SF looking to be leased with entrances on the back side of the building.
Per the Capstar Commercial Realty listing, there are two spaces currently available in the building– A 2,800SF space and a 1,250 SF space that was previously home to Verizon. The retail building was built in 1987, and touts “Multiple access points off the intersection of Ridge Rd and High Corner St.” and a “Location adjacent to McDonald’s and at the primary gateway to the bustling Damascus Shopping Center which houses prominent names like Chipotle, Dollar Tree, Advance Auto Parts, T-mobile, Mathnasium, and several more.”
Featured photo courtesy of Google Maps
In September 2023, APAH completed the purchase of 170 apartments at the Falkland Chase apartment community in downtown Silver Spring, MD from seller JBG Smith. APAH is envisioning a phased redevelopment of approximately 1,250 brand new apartments for this site with a large percentage targeted as affordable for residents with incomes at or below 60% of the Area Median Income (AMI).
Upon vacancy and/or turnover, the existing 170 garden-style apartments will be leased at rents affordable to residents earning 60-65% AMI until the redevelopment begins. While the North parcel of Falkland Chase purchased by APAH is already entitled for the 1,250 new units, APAH intends to modify the existing site plan to maximize the affordability of the future community.
APAH will develop a mix of one-, two-, and three-bedroom apartment homes to support family housing, as the current site is primarily a mixture of one-, and two-bedroom apartments. Phase one of the redevelopment is projected to begin as early as 2026.
Financing and Partners: Montgomery County committed to $19.5 million in funding through a combination of the Department of Housing and Community Affair’s Housing Initiative Fund (HIF) and Affordable Housing Opportunity Fund (AHOF) programs.
The lender, Housing Partnership Fund, with Woodforest National Bank and National Housing Trust-CDF as participants provided a private loan of $20.1 million.
The South and West parcels that comprise the remainder of the Falkland Chase community were sold to a partnership between Bank of America and Enterprise Community Partners’ Middle-Income Housing Preservation Fund and the Washington Housing Initiative Impact Pool.
Courtesy of APAH
In June, the Washington Wizards traded three-time All-Star Bradley Beal to the Phoenix Suns for Chris Paul, Landry Shamet, a handful of second-round picks, and multiple pick swaps. Now, the NBA superstar has put his Bethesda home up for sale for $10 million in a listing by held by Jill Schwartz and Andres Serafini of RLAH @properties.
The home, located at 8913 Holly Leaf Ln in Bethesda, has 6 bedrooms and 8.5 bathrooms with a total of 13,482 SF on 2.03 acres. It also includes a four-car garage and two full-size basketball courts (one indoor, one outdoor). The home is described as having a “South Miami vibe” and if basketball isn’t your thing, you can enjoy the “full-size tennis court with stadium lighting, elevated spa cascading into the heated linear swimming pool, detached Pool House complete with cabana bath, outdoor kitchen and the finest smore-worthy fire pit.” The full description and a video can be seen below:
https://www.instagram.com/reel/CxtBXdouCMH/?igshid=MzRlODBiNWFlZA==
The whispers and excitement of one of the most coveted estates available for purchase has arrived. Tucked away in the private enclave of exclusivity in Bethesda, Maryland, 8913 Holly Leaf Lane is the “above the rim” offering that sets the bar for real estate in the DC-Metro region. Award-winning Winmar Construction’s vision to inspire a South Miami vibe elevated with commercial grade building finishes and quality was the inspiration for the private, idyllic estate. The fresh take on chic-soft and contemporary-luxury simulates architectural excellence blended with design perfection. The chef’s gourmet kitchen has every imaginable component for the likes of a master chef or a caterer including the Viking Professional Series Appliance Package. The heart of the home is the center island created with rare natural granite reflecting striking earth tones. Black ceiling accents, sleek custom cabinetry, cutting-edge lighting fixtures surround the hallways and maintain the ambiance as the floorplan flows to the dining room, living room, office, den and family room. By combining elements such as wrought iron railings, multi-dimensional wool blended abstract carpets, textured wallcovering, and Italian handlayed mosaic tile in the foyer layered with finishing touches from Carla Royder Designs & Co, Holly Leaf is crisp, glamorous, and takes the indoor/outdoor living concept to a level appreciated by one of the NBA’s best. The grounds are stunning with privacy landscaping and lighting accentuating every amenity, such as the full-size tennis court with stadium lighting, elevated spa cascading into the heated linear swimming pool, detached Pool House complete with cabana bath, outdoor kitchen and the finest smore-worthy fire pit. The living quarters invites spacious ensuite bedrooms with architectural surprises such as balconies, sundecks, sneakerhead-worthy closets, double french doors, automated shades and radiant heated tile flooring. Explore it all by elevator. YES FANS, courtside view via the floor to ceiling glass in both the Fitness Center and Arcade Room overlook where the magic happens… one-of-a-kind underground NBA-built, measured and certified Half-Court Regulation Basketball Court. Please enjoy the drone flyover, video tour, virtual tour and digital assets that have been curated for this truly exceptional home.
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
There are currently five homes for sale in Montgomery County that are listed at $10 million or more. These homes are the five most expensive homes for sale in Montgomery County, as of Tuesday, September 5th, according to information available via real estate website, Realtor.com
5. 5610 Wisconsin Ave Ph 20B Chevy Chase, MD: $10.5 Million
The only condo in Montgomery County that’s listed over $10 million is a penthouse in Chevy Chase. It was built in 1990, has four bedrooms, six and a half bathrooms, and over 9,000 SF of space, including a bathtub overlooking the surrounding areas (photo above). This condo also comes HOA fees of over $10K a month. Brokered by Long & Foster LFC at Bethesda.
4. 8801 Fernwood Rd. Bethesda, MD 20817: $11.5 Million
This 15,000 SF home in Bethesda has six bedrooms and eight and a half bathrooms. It is described as being “built like a fortress from concrete and steel”, but also “distinctly Californian charm conveying a sense of airiness carried throughout the home.” The pool and 48 inch commercial range are just a couple highlights. Brokered by TTR Sotheby’s International Realty
3. 13320 Signal Tree Ln., Potomac, MD 20854: $11.5 Million
Just under 27,000 SF in this Potomac home, the second largest on the list. It is described as a “breathtaking Italian villa nestled on historic Civil War property in the lush Maryland countryside.” It was built in 2007 and has been on the market for about 2.5 years. In addition to the square footage inside the home, it sits on a nearly 10 acre plot. Brokered by TTR Sotheby’s International Realty
2. 9305 Inglewood Ct. Potomac, MD 20854: $12.5 Million
Our team stated that this home reminds them of Uncle Phil and Aunt Viv’s home from the Fresh Prince of Bel Air from the outside. Once you open the doors, the Italian marble floors jump out at you in this 16,000+ SF home that has six bedrooms and eight and a half bathrooms. The home was completed in 2020. Brokered by COMPASS.
1. 11900 River Rd. Potomac, MD 20854: $34.9 Million
We take a huge leap in listing price with Dan and Tanya Snyder’s home, which was previously listed for $49 million before it dropped 28.8% to its current listing price. The home has five bedrooms and eight bathrooms spread across 30,000 SF. The home comes with an annual tax of $192,631 (over $75k more than the $117,345 median household income in Montgomery County). Brokered by TTR Sotheby’s International Realty
