Silver Spring Apartment Building Sold For $20 Million

Transwestern Real Estate Services announced its Mid-Atlantic Multifamily Group has brokered the sale of Parkside Terrace, an 87-unit multifamily asset at 502 Easley St. in Silver Spring, Maryland. A partnership led by Enterprise Community Development (ECD), a nonprofit owner and developer of affordable homes, purchased the garden-style community for $20 million, or $229,885 per unit.

Per the press release: “The property has been well managed by long-term owners allowing ECD and its partners to preserve naturally occurring affordability in desirable Montgomery County with a high-quality apartment community,” said Williams, an Executive Vice President at Transwestern. Parkside Terrace features one- and two-bedroom units in a quiet neighborhood east of downtown Silver Spring. The property is situated adjacent to a public park, offering exceptional walkability and convenient access to public transportation and surrounding transportation arteries.

As one of the most active multifamily investment sales groups in the Mid-Atlantic, Transwestern has transacted more than $600 million in 2022, including two other naturally affordable workforce housing communities: Glen Rock Landing in Fort Washington, Maryland and Bedford Station and Victoria Station in Hyattsville, Maryland. “We see a growing trend by organizations to protect market rate affordability in the region,” said Sigmon, an Executive Vice President at Transwestern.

Transwestern’s Mid-Atlantic Multifamily Group provides a full range of investment sales services throughout Maryland, Washington, D.C., Northern Virginia, Richmond, Philadelphia and Delaware. The group’s recent client roster includes Sentinel Real Estate, Federal Capital Partners, Foulger-Pratt with DLJ, Hampshire Properties, Aimco, Avalon Bay, Equity Residential, The Bozzuto Group, Fannie Mae, AIG Investment, Morgan Properties, Goldman Sachs, JP Morgan and Angelo Gordon.

h/t to Source of the Spring for reporting this news on Sunday morning

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Fighting food insecurity, feeding families.

Submit your own Announcement here.

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A local community movie is filming in our area in June and needs contributions!

Local actors, teens, teachers, housewives, and retired residences are trying to make this film happen but we need your help.

This is an educational short story about teens learning how to navigate when they don't feel accepted by their friends and what to do to find acceptance. Yet this film isn't just for teens. In your life have you ever felt like you weren't accepted??

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https://www.filmindependent.org/sponsored-projects/ultimate-bias/

https://www.silvanomarifilms.com/jis

This is a not-for-profit film and donations are tax-deductible.

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