According to a letter from Brian D. Goldstein, Vice President if Development for NAI The Michael Companies, the residential property at Preston Lake has been sold by Wells Fargo to a new entity known as MLK Preston Lake, LLC.  A letter, excerpted below, was sent to current Preston Lake homeowners yesterday....

It is with great pleasure that I am writing this letter on behalf of MLK Preston Lake, LLC, the new owner of the Preston Lake Residential property.  Being already invested in and committed to the success and vitality of the area through ownership of a portion of the adjacent commercial property, we look forward to reinvigorating the Preston Lake Residential development with this acquisition.  We are confident that the existing homeowners in the neighborhood, Rockingham County officials, and the entire surrounding community will be very pleased with the quality and expertise that we will bring to Preston Lake.

We are looking forward to meeting all of the current homeowners in the community, and working with you to unveil our plans for the balance of the project.  We have teamed up with an award winning home builder and architect from Virginia on this project, and we all look forward to presenting our vision of the future of Preston Lake at a homeowners meeting on January 8th.

This excerpt from their web site speaks to the development background of the NAI Michael Companies, based in Lanham, MD....

Kenneth H. Michael, founder and Chairman of the Board of NAI Michael, created a Development Consulting Division to assist landowners and developers through the then increasingly complicated permit approval process. Over the years, as the approval process has become even more complex, time consuming, and technically demanding, NAI Michael’s Development Consulting Division continues to stay abreast of the changes and requirements associated with the development process.

As the development consultant, NAI Michael has developed over 10,000 acres of land for various owners in the Washington DC Metropolitan Area. They developed or redevelop land in all zoning categories. NAI Michael has played the role of consultant in commercial and industrial projects in excess of eight million square feet of gross building area. In addition, their residential development activities have provided thousands of quality homes for families throughout our community. Their clients range from the small investment owner, to the most sophisticated, large corporate user. The finest testimony to their expertise is the high number of experienced builders and developers that rely heavily on the knowledge, experience, and advice of NAI Michael experts.

The Michael Companies also seems to be amidst the development of a $900 million, 382-acre, upscale mixed-use community in Prince George's County.

While The Michael Companies might be an out of town (out of state!) development company, they are no stranger to the Harrisonburg and Rockingham County area -- nor the general vicinity of Preston Lake.  Over the past several years they have purchased a variety properties surrounding Preston Lake including (but not limited to) those outlined on the map at the top of this post.

For a bit more context (and history) of Preston Lake, consider reading....

• Updates on Preston Lake Subdivision (Mar 2011)
   
  
• Preston Lake Foreclosure Finalized: Land Transfers To Wells Fargo, Homeowners Association (Feb 2011)
   
  
• Preston Lake Foreclosure Auction Results In $3.5M Sale To Wells Fargo (Feb 2011)
   
  
• Preston Lake Headed To Foreclosure? (Jan 2011)

And, if you're excited about the reinvigoration of Preston Lake, you might want to buy my parents' house in Preston Lake....