29th Street Capital (29SC) and Willton Investment Management have completed the acquisition of Fenwick Apartments, a 311-unit Class A- multifamily community located in downtown Silver Spring, Maryland. Built in 2014 and currently 96.8% occupied, Fenwick Apartments was purchased for $95.1 million, according to BizJournals.
Per the press release, Fenwick Apartments is situated three blocks from the Silver Spring Transit Station, providing access to downtown Washington. With the planned delivery of the Purple Line in 2027, residents will have direct access to Bethesda and the I-270 Tech Corridor—an important biotechnology and life sciences hub. The property, which is LEED Gold certified, features a resort-style pool, a state-of-the-art fitness center, a rooftop lounge with a living green wall, and a business center.
Key features of the acquisition include:
• Institutional quality construction and Class A amenities
• A prime, transit-oriented location with walkable access to public transportation and major employment centers
• Complementarity with 29SC’s existing regional assets
• Opportunities for enhancements to common areas and amenities
• A purchase price that offers potential protection against near-term new supply
• Competitive rent levels relative to homeownership costs in the region
The property will be managed by 29th Street Living, the in-house property management division of 29SC, to maintain a high resident experience and integrate seamlessly with the firm’s current operations.