Multifamily sales volume continues strong surge in Q1 2016
Washington, D.C. – January 4, 2016 – CBRE, Inc. announced the sale of Travilah Grove, a 13.72-acre, shovel-ready land parcel located in Rockville, Maryland. The property was sold to Brookfield Residential for $22,405,500. Located in the heart of Montgomery County, the land parcel was approved for up to 300 units that translate into nearly 300,000 square feet of development. Brookfield sought and gained approval by the Montgomery County Planning Department for a site plan of 131 for-sale townhomes.
Travilah Grove is strategically positioned in Rockville within Montgomery County, one of the most highly sought-after addresses on the East Coast and the 10th wealthiest county in the nation (according to Forbes) with ample major employers in close proximity. Situated just five miles from I-495 and along the I-270 Corridor in the heart of “DNA Alley,” the property is located within the highly-acclaimed Wheaton school district and affords seamless access throughout the D.C. metro area.
“Within a one-mile radius of Travilah Grove, the 2015 average annual household income is $188,700, which is more than two-and-a-half times the national average,” said Bill Roohan, Vice Chairman, CBRE Capital Markets, Multifamily. “The growth in affluent renter households throughout the region continues to favor investors who take advantage of quality development opportunities like Travilah Grove.”
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.