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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FEST OF SPRING Caribbean Wine Food & Music Festival

Get ready to experience the vibrant colors, tantalizing flavors, and infectious rhythms of the Caribbean at the FEST OF SPRING Caribbean Wine Food & Music Festival! Hosted by RHU LLC, this exciting festival is set to take place on May 18, 2024, at the picturesque 16700 Barnesville Rd in Boyds, MD.

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