ROCKVILLE, MD—Construction will begin shortly on TheMetropolitan at Rockville Town Center, a 275-unit mid-riseluxury apartment complex. The developers, Kettlerand Cornerstone Real Estate Advisers, acting onbehalf of an institutional investor, just closed on a land andconstruction loan with Wells Fargo Bank. Aspokesperson for Kettler declined to provide the loan amount.
The Metropolitan at Rockville Town Center will be located at 255North Washington St., next to Rockville Town Square. The area ishome to a number of biotech and software companies and theiremployees are in the market for quality housing, according toAsheel Shah, president of multifamily developmentat Kettler.
"We want to be where there is growth and we think theMetropolitan puts us in the middle of the action where demandcontinues to be robust for quality multi-family housing," hesaid.
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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.
