The Colonnade Announces Final Post-Auction Pricing on Remaining Units

• November 4, 2009
• 2 Comments

by Will Smith

The auction of 40 units at The Colonnade at Kentlands took place on October 24th, and the project has just announced pricing for its remaining inventory based on final bids at that auction:

• One-bedrooms: $215,000
• Two-bedrooms: $285,000
• Three-bedrooms: $339,000

Recall that The Colonnade is a rental-conversion project that delivered in late 2005. Located in the heart of the new urbanism community The Kentlands in Gaithersburg, Maryland, The Colonnade is about 12 minutes northwest of Rockville and 40 minutes from downtown DC (map). It is considered the more upscale sister project to The Fitz in Rockville, which also held an auction to move 40 of its remaining units earlier this year.

Susan Piracini of Cornerstone Partners, the firm that handled sales and marketing for the auctions at both The Colonnade and The Fitz, told UrbanTurf last month that units at The Fitz auction in February sold at about a 30 percent premium over starting bid prices. Those winning bids then “set the price” for the remaining 15 units at The Fitz, which sold out within a few weeks of the auction.

Starting bids for one-bedrooms at The Colonnade auction were $169,000. The new $215K pricing, which is 27 percent higher than $169K, suggests that the premiums paid by bidders at The Colonnade auction were roughly the same as those at The Fitz.

2 Comments

1. Tom A. said at 5:09 pm on Wednesday November 4, 2009:

   Hmm, i;‘m fairly new around here, and this is the first I’m hearing about Kentlands.  (I had balked when i saw “new urbanism” and Gaithersburg in the same sentence.)  It sounds very interesting. Can we please build something similar closer to the WMATA?!  Maybe White Flint.. oh wait- it’s much too late for that.  Actually there are some remaining parcels in White Flint, although who wants a house on a quiet street with a view of 50 story office and apartment buildings?

1. Joe said at 10:45 pm on Tuesday November 10, 2009:

   Actually, Kentlands is a nationally recognized model of New Urbanism.  And the future Corridor Cities Transitway, which will either be a light rail or a futuristic “rapid bus” system, will have a stop right near the Colonnade to carry commuters and shoppers directly to the Shady Grove Metro station in a matter of minutes!  Government hearings on the CCT are happening right now, with anticipated construction starting in a few years…

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