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
Time Square Jewelers at 100 Gibbs St Unit E in Rockville has announced it will be closing on December 23, 2023.
Takoma Park Police has announced that following a thorough investigation of a bomb threat at a drag event that was being held at Motorkat on the 6900 block of Laurel…
Detectives from the Special Victims Investigations Division (SVID) is asking for the public’s assistance in locating Genesis Flores, a missing 13-year-old from Silver Spring.
Earlier this year we let you know that Planet Fitness announced it will be opening new locations at 6881 New Hampshire Ave. in Takoma Park (now open) and 2201 Randolph Rd….
SATURDAY 12/9/23 Join us for the ultimate year-end celebration of art, vintage finds, and fashion at CNXN.WORLD's Art & Vintage Event! Sponsored by So What Else, Inc. We will be hosting a hygiene product drive as well! Please bring items like soap, toothpaste, shampoo, deodorant, and more to donate and make a difference. Sign up for a chance to WIN a $40 credit you can use towards any purchase at the event! We've got food, drinks, and more prizes during the event! Vendor Lineup: @thefoundrymd @poetic_sole @on2thenext_vntg @fleetwoodmarket @anatething @bimdayz @thriftlifeadvintage @yester_dayz @bratty_couture @camryncurtiss @crushthrifts @888deadgirl @ken_blendz @misfitbodega @mando.nc @mozartsthriftshop @seamslikenew @skuffstore @the.crucial.cookie @sowhatelsehelps Saturday, December 9th, 20231:30 PM to 6:00 PM4924 Wyaconda Rd, North Bethesda, MD 20852. See you there!