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.
About Morguard North American
Residential REIT
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 Real Estate Investment Trust
