Monday, October 19, 2009

Colonnade Auctions Condos this Saturday

The Colonnade at Kentlands of Gaithersburg will send to auction 40 of its remaining homes this Saturday, helping to wrap up an under-performing portfolio that the Florida-based developer acquired in 2005, a decision they must still regret.

With about 70 units in the 307-unit building still unsold, El-Ad is putting 40 of those condos on the block, having recently shut down its sales office, with minimum bidding prices starting at $169,000. Back in February, El-Ad put the remaining 40 units of its only other local project, the Fitz of Rockville, on the auction block, ending nearly 5 years of sales there. Both the Fitz and Colonnade at Kentlands were developed by Archstone-Smith and built by Donohoe Construction. The Colonnade was designed by the Preston Partnership for its originally intended use as an apartment building, uber- amenitized with a party room, computer room, theater, study, swimming pool, sauna, fitness center, cyber cafe and billiard room.

The 10-building compound, with 6-story parking garage, was completed by Archstone in December of 2005 and sold to El-Ad shortly thereafter.


Frances on Mar 3, 2013, 3:18:00 PM said...

I wish there was some kind of notification service when units at Colonnade at Kentlands are up for auction... could really help.

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