About The Fields at Rock Creek
The Fields at Rock Creek presents a rare opportunity to acquire a modern, functional, value-add asset in Frederick, MD. The Property’s location proximate to the region’s most trafficked accessways, I-270 and I-70, provides direct connectivity to the largest economic engines in the greater Washington and Baltimore MSA’s. Tremendous in-place employment there includes the I-270 Technology Corridor, Northern Virginia office market, and high-quality local employment in Frederick and Urbana which is leading to sustained demand from an affluent renter base. Additionally, the Frederick County Public School System creates a significant draw for younger renters who are looking for the unique combination of a top-tier education system at a relatively affordable cost of living. This increased demand is creating strong apartment market fundamentals with effective rent growth in the submarket of 15.2% YoY in Q4 2021 and vacancy of just 2.3%. The Property is perfectly positioned to take advantage of these lofty fundamentals and is currently 97% occupied with a proven value-add upside. Approximately 230 units have been renovated to achieve $150 premiums with 26% of the units (84 units) still in Classic condition. The opportunity exists for a new owner to renovate the remaining Classic units as well as upgrade the current renovation package to achieve premiums of $200+. The Fields at Rock Creek’s top-of-the-line community amenities, dynamic location and premier assigned schools is driving demand for an affluent renter by choice as evidenced by gross potential rent increasing 7.2% year-over-year 2021.