TUSCARORA CREEK
A Multi-Phase Land Disposition Strategy That Maximized Value
Frederick, Maryland
Project Overview
In 2020, CPG Realty was retained by F.O. Day Company as the exclusive advisor for the disposition of the remaining residential development opportunities within Tuscarora Creek, an award-winning 847-unit master planned community in Frederick, Maryland. The assignment included three distinct residential land bays comprising a multifamily development site, townhome development parcels, and the community’s final single-family neighborhood.
Rather than pursuing a traditional bulk land sale, CPG developed a phased disposition strategy designed to maximize value by marketing each land bay to the buyer best positioned to execute its respective product type.
Over the course of the assignment, CPG successfully completed multiple transactions with institutional and national residential developers, overcoming significant title challenges, expanding buyer competition, and ultimately increasing pricing by approximately 40% over initial market indications for the final residential land bays.
Project Highlights
| Location | Frederick, Maryland |
| Master Planned Community | 847 Units |
| Assignment Commenced | 2020 |
| Residential Land Bays Sold | 3 |
| Multifamily Buyer | Capital City Real Estate |
| Homebuilder | DRB Group |
| Pricing Achievement | ~30% Above Initial Offers |
| Representation | Exclusive Seller Advisor |
The Challenge
When CPG was engaged, the remaining development parcels represented some of the final opportunities within Tuscarora Creek, but each required a fundamentally different marketing strategy.
The multifamily land bay had been unsuccessfully marketed for years and faced significant title issues that complicated the sale process. At the same time, ownership sought to maximize value for the remaining townhome and single-family parcels while capitalizing on improving market conditions.
Rather than seeking a single purchaser for the entire remaining property, CPG recognized that substantially greater value could be achieved by targeting specialized buyer pools and executing a phased disposition strategy.
Execution Strategy – Phase I: Multifamily
CPG repositioned the multifamily land bay through a targeted marketing campaign directed at institutional apartment developers throughout the Mid-Atlantic and Southeast. Leveraging its national network, CPG identified Capital City Real Estate, an Atlanta-based developer, as the optimal buyer.
During the transaction, the team successfully navigated significant title issues that had previously impeded a sale, allowing the acquisition to close in 2022.
Capital City subsequently developed Magnolia Haus, a luxury apartment community that has leased exceptionally well and validates the long-term vision for the project.
Execution Strategy – Phase II: Townhome & Single-Family Land
Following the successful multifamily disposition, CPG continued advising ownership on the remaining residential land.
The final offering consisted of:
- 45 approved single-family detached lots
- 36 approved townhome lots
- Additional future townhome density subject to APF availability
- Record-ready lots within a fully amenitized master planned community
CPG conducted a competitive marketing process among regional and national homebuilders before selecting DRB Group as purchaser.
Through disciplined negotiations and broad market exposure, CPG increased pricing by approximately 30% above the initial offers received, creating substantial additional value for ownership.
Value Created
| Outcome | Result |
| Multi-Year Advisory Assignment | Guided the disposition strategy from 2020 through final residential closings |
| Institutional Buyer Sourced | Capital City Real Estate acquired and developed Magnolia Haus |
| Complex Transaction Issues | Significant title challenges resolved to facilitate closing |
| National Homebuilder Selected | DRB Group acquired the remaining townhome and single-family land |
| Pricing | Approximately 40% increase over initial pricing indications |
| Community Completion | Helped facilitate the successful build-out of one of Frederick’s premier master-planned communities |