Kettler is set to begin construction later this month on a 275-unit, mid-rise luxury apartment complex in the heart of Rockville Town Center.
The well-known DC Metro area developer with an institutional investor repped by Cornerstone Real Estate Advisers just closed on a land and construction loan from Wells Fargo Bank. The amount was not disclosed.
Adjacent to Rockville Town Square, the six-story Metropolitan will be at 255 North Washington St, and will consist of single-bedroom lofts of 1,120 SF up to three-bedroom units averaging 1,500 SF. Communal features include a fitness center and yoga room, a pet grooming area, bicycle storage, two outdoor courtyards and a grilling facility, a swimming pool, and a two-story entertainment lounge with terrace.
Noting the growing biotechnology and computer software industry in suburban Maryland, Asheel Shah, Kettler’s president of multifamily development, said, “We want to be where there is growth and we think the Metropolitan puts us in the middle of the action where demand continues to be robust for quality multifamily housing.”
The project team includes R2L architects and interior designers; landscape architect Parker Rodriguez; and Macris, Hendricks & Glascock, civil engineers.
The project is Kettler’s second new project in suburban Maryland. The developer is constructing Element 28, a 15-story, 101-unit high-rise apartment community adjacent to the Bethesda Metro Station at 7535 Old Georgetown Rd. Element 28, which will open next fall, will also have 4k SF of ground-floor retail.
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