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.