Morguard North American Residential REIT Completes Acquisition of Rockville Town Square in Rockville, Maryland
The REIT expands investment in Rockville Town Square, a retail and community hub located in the city of Rockville
MISSISSAUGA, ON, Sept. 27, 2022 /CNW/ - Morguard North American Residential REIT (TSX: MRG.UN) (the "REIT") announced today it has acquired the retail portion of Rockville Town Square. Having purchased Fenestra Apartments in 2017, this acquisition of the remaining retail in this mixed-use asset expands Morguard's investment in the City of Rockville and creates operational efficiencies to better realize its vision. The transaction closed at a purchase price of US$33.0 million, excluding closing costs.
"Morguard is pleased to expand our investment in Rockville, Maryland by acquiring the retail space," said K. Rai Sahi, Chairman and Chief Executive Officer of Morguard North American Residential REIT. "This acquisition along with our ownership and management of Fenestra Apartments gives Morguard the opportunity to better execute on our long-term vision."
Connected to Morguard's Fenestra apartments, Rockville Town Square at 30 Maryland Avenue encompasses 183,000 square feet of retail, dining, and municipal and financial services. The mixed-use pedestrian-friendly location offers public gathering areas, entertainment events, and serves as a neighbourhood hub in the affluent Montgomery County. A short drive from Washington D.C., Rockville Town Square features spaces to live, work and shop including:
- Luxury living: Morguard's owned and managed Fenestra Apartments includes three mid-rise buildings within steps of the Square.
- Transit-oriented location: Steps to the Rockville Metro (Red Line) as well as immediate freeway access via Interchange 270 and the Rockville Pike (Route 355). Residents and visitors can enjoy dedicated parking with ample garage and surface options for 1,000 vehicles.
- Vibrant outdoor courtyard: A community hub for entertainment events and hosting Montgomery County's largest ice rink.
- Walkable authentic lifestyle: Minutes away from the area's finest restaurants, entertainment destinations and services including Starbucks Coffee, Dawson's Market, First Watch, Truist Bank, Citizens Bank and more.
- Academic and municipal destination: Access to Montgomery College, an academic community college with over 25,000 students, Choice Hotels International Headquarters, Regal Theatres, Rockville Memorial Library, and Montgomery County Courthouse
"We are proud to be a part of the vibrant City of Rockville since our acquisition of Fenestra in 2017," said John Talano, Senior Vice President of US Operations. "Further investment within the community is part of a multi-faceted approach to the planning and management of this incredible public space. We look forward to continuing to work with our new retail tenants and the entire community to ensure the relevance and long-term success of Rockville Town Square."
Morguard's Canadian and US portfolio includes 14.7 million SF in retail assets valued at $4.3 billion. This investment represents the continued expansion of our retail portfolio. In addition to Rockville Town Square, Morguard's retail assets in the US include Boynton Town Center, Lantana Plaza, and Northgate at Falls Church.
The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario. The Units of the REIT trade on the Toronto Stock Exchange under the ticker symbol MRG.UN. With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value through active asset and property management. The REIT's portfolio consists of apartment communities located in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia, and Maryland. For more information, visit the REIT's website at www.morguard.com.
SOURCE Morguard North American Residential REIT
For further information: K. Rai Sahi, Chairman and CEO; Christopher A. Newman, Chief Financial Officer; John Talano, Senior Vice President, T 905-281-3800, or email [email protected].
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