(To read more on the multifamily market, click here.)<pROCKVILLE, MD-A 3.2-acre parcel one block from the Rockville Metro Station gets snapped up in a transaction valued at $34.5 million. Duball Rockville LLC, a joint venture involving the Reston, VA-based Duball LLC and the Los Angeles-headquartered CIM Urban Real Estate Fund LP, purchased the site for the development of a $250- million mixed-use residential endeavor simply known, for now, as the Rockville Town Center project.

Bounded by E. Montgomery Ave., Maryland Ave., E. Middle Lane and Monroe St., Duball Rockville’s newly acquired parcel is adjacent to the city’s 15-acre Town Square project that is currently under way. The JV relied on Wachovia Bank NA to provide financing.

An Akridge spokesperson tells GlobeSt.com that the real estate company had owned the property since March of 2004. Now that the land has come into Duball Rockville’s possession, it will ultimately become home to two high-rise residential towers featuring a total of 485 multifamily residences, 40,000 sf of retail space and 1,400 parking spaces.

The Rockville Town Center project is in the early stages; Duball Rockville has not yet settled on whether the property will consist of condominiums or apartments, or a combination of the two. “As we see it, the Washington, DC area housing market over the long-term is a solid marketplace,” Duball LLC president Marc A. Dubick tells GlobeSt.com. “Our purchase is representative of our confidence in the marketplace.”

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