Frederick, MD — Cushman & Wakefield announced that the real estate services firm has arranged the sale of The Fields at Rock Creek, a 314-unit multifamily asset located at 100 Alessandra Court in Frederick. The final sale price was $85 million.
Cushman & Wakefield’s Jorge Rosa and TJ Liberto represented the seller, Elite Street Capital Crystal Parl Equity DE, LLC, in the transaction. The property was acquired by Rose Valley Capital, an affiliate of Hampshire Properties.
“The Frederick submarket has been experiencing unprecedented growth over the past few years due to the rapid expansion of biotech, pharmaceutical and life sciences along the I-270 corridor,” said Rosa. “Apartment fundamentals have remained strong with significant rental growth and historically low vacancy levels. Investor interest in the market has vastly increased as a result.”
The Fields at Rock Creek is a two-story, 289,278-square-foot property consisting of 144 one-bedroom units, 137 two-bedroom units and 30 three-bedroom units. Units feature stainless steel appliances, balconies and patios, vaulted ceilings, ceiling fans, walk-in closets, spacious floorplans, in-unit laundry and fireplaces. Amenities include a business and co-working center, community clubhouse, playground, fitness center, swimming pool with sundeck, grill stations and tennis courts.
The property is located along the Interstate 270 Corridor, providing direct access to major employment hubs in the DC MSA. The asset is also adjacent to Interstate 70 which connects residents to the greater Baltimore MSA.