FREDERICK, MD—Matan Cos. has sold 25 acres of its 106-acre Westview South development site to Mitchell & Best Home Builders. The parcel traded for $13.8 million, and will be developed as part of Phase 1. It is one of several land parcel sales the company has made, or is in the process of making, Mark Matan, principal for the company, tells GlobeSt.com. "There is definitely an uptick in demand for quality pieces, mainly due to growing regional residential demand, and prices are rising," he says.
The company is currently selling two parcels in Maryland, one in Montgomery County and one in Prince George's County, both of which are oversold after attracting multiple bidders, he says. The Westview parcel also attracted five bidders, Matan adds.
Mitchell & Best Homes plans to build 518 luxury homes at Westview South, including 3 and 4 level townhomes, condominiums, and single-family homes. Prices are anticipated to start from the low 300's to the mid $400's.
The Westview South campus is located on the Route 85 Corridor situated in a park-like setting along Ballenger Creek and within walking distance of an amenity base.
Earlier this week, we reported that Pulte Homes acquired a 13.54-acre parcel of land in Loudoun County for $11.5 million from Washington Property Co.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
