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

Recent Stories

Montgomery County Fire and Rescue Services responded to the scene of multiple parked cars that were struck by a moving vehicle at approximately 11pm on Sunday night in Montgomery Village.

Forbes has released its annual “World’s Billionaires List” and ten Marylanders (including many from Montgomery County) have made the list. According to Forbes, “there are now more billionaires than ever:…

Montgomery County Police has announced the arrest of a 16-year-old in connection with four armed robberies that occurred in Bethesda.

Montgomery County Fire and Rescue Services (MCFRS) responded to the 15400k of Peach Leaf Dr, off Quince Orchard Rd in North Potomac at approximately 3:45pm on Monday, May 20, for…

Free Community Father-Daughter Dance

Fathers and father figures, create unforgettable memories with your daughter at our free community father-daughter dance on June 1st, from 6-8 pm. Hosted outdoors at Olney Baptist Church. This event offers a delightful outdoor experience complete with a DJ spinning tunes, interactive games, a charming photo booth, delicious treats, and exciting raffle prizes. Fathers/father figures and daughters of all ages are warmly welcomed to share in this special evening together. Join us for an evening of joy, laughter, and cherished moments!

In the spirit of giving back to our community, we are partnering with Quest to Feed Montgomery to make a meaningful difference in the lives of those in need. We kindly ask each attendee to bring along a non-perishable food item to donate during the event. Every contribution, no matter how small, will go a long way in supporting families facing food insecurity in our area.

×

Subscribe to our mailing list