ProMark Scores Win-Win with County in Office-to-Condo Conversion
Date: Wednesday, November 30, 2016
Octave 1320 proves an innovative model for first-time buyers in Montgomery County
Silver Spring, MD (November 30, 2016) — Two years ago, Montgomery County invested $4.1 million with ProMark Real Estate Services for the conversion of a 1964 office building in Silver Spring into condominiums aimed at first-time home buyers.
Octave 1320 delivered early 2016, just two blocks from the Silver Spring Metro. Today the 102-unit development is 90 percent sold, and the County’s investment has been completely repaid with a return. About 80 percent of the new condo owners are first-time homebuyers, many of them millennials. Almost half would qualify as workforce buyers based on the county’s income parameters.
“Octave has proven to be a win-win,” said Peter McLaughlin, ProMark’s Director of Development. “Converting an office building at a prime transit location was less expensive than ground-up construction, the build time was reduced due to not having to do significant foundation and structural work, and the County got to make good on its goal of making homeownership more accessible while earning a nice return on its investment.”
Located at 1320 Fenwick Lane, Octave is a 100 percent market-rate community. The condos have sold for about $235,000 on average for a one-bedroom to $350,000 on average for a two-bedroom. Community amenities include a fitness center, a common-area lounge with fireplace, an enclosed rooftop lounge that can be reserved, a huge roof deck and secured bike parking.
Condo sizes range from 450 square feet to 840 square feet; streamlined design provides creative efficiencies and bright spaces, including 9- to 10-foot ceilings, energy-efficient floor-to-ceiling windows, balconies or terraces, full-size washer/dryers, quartz countertops and stainless appliances.
“Making homeownership more accessible by increasing its affordability is going to take innovative thinking and creative partnerships,” said Montgomery County Executive Isiah Leggett. “Octave 1320 and our investment in ProMark’s vision is a good example of how stakeholders can work together in finding new ways for cost-effective development that is still good business.”
Octave 1320 was recognized this fall by Delta Associates as the 2016 Best Washington/Baltimore Adaptive Reuse Condominium Community during the group’s 20th Annual Apartment and Condominium Industry Awards for Excellence.
About ProMark Real Estate
Headquartered in Rockville, Maryland, ProMark Real Estate is a private equity investor, developer and owner of properties in the Washington Metropolitan Area. Founded by Robert Eisinger who is known for his visionary outlook, and Tom Fauquier, ProMark has a long history of groundbreaking design, environmentally responsible development, and civic engagement.