Long known as the Washington, D.C., region's poor stepsister, Prince George's County, Md., need suffer no more from its inferiority complex. Miami-based Lennar gave PG, a handle some locals still find distasteful, an image boost with its year-end approximate $200 million purchase of three “not-quite contiguous” properties at the southern end of the county.
Prices like this are usually reserved for the region's more upper-crust counties of Montgomery in Maryland and Fairfax in Northern Virginia. For example, KB Home shelled out $200 million for 180 acres in Gaithersburg in Montgomery County (see “KB's Royal Entry,” page 25). But Bob Jacoby, president of Lennar's land division in the Free State, believes the price is warranted.
“Things have changed,” Jacoby says. “The county has matured and grown substantially in the past couple of years. And there are no more parcels of this size left in the region. So we are extremely confident we made a good purchase.”
The deal, which will close at record plat this summer, is for 1,200 acres across three nearly adjacent properties straddling Piscataway Road at Windbrook Drive.
The properties, collectively called Washington Park Estates, will yield 1,872 units when all is said and done. The western piece is platted “by right” for 240 one- and two-acre single-family lots. The eastern portion is in for a comprehensive design rezoning for 827 units, with 80 percent single-family homes and the rest townhouses. And the third tract has been approved under a special exception as an 805-unit active adult neighborhood with four-story condominiums, villas, single-family houses, duplexes, and triplexes.
Price points will range from the low $300,000s in the age-restricted community to north of $800,000 for the estate-lot houses—and “touch every other point in between,” Jacoby says.
Lennar is buying the three properties from L.M. Sandler & Sons, a Virginia Beach, Va.-based developer, which reportedly acquired them little more than a year ago.
Learn more about markets featured in this article: Washington, DC.