A recently completed apartment conversion in downtown Silver Spring has changed hands. The Guardian, a 167-unit residential building at 8605 Cameron Street, sold for $14.3 million at a substitute trustee’s auction on February 26. The sale reflects the tenant’s interest in a ground lease for the property, according to Maryland Newsletters, which first reported details of the transaction.
The building, which was recently delivered following the conversion of a former office property into apartments, has started welcoming residents. Despite its newness, the project was already brought to auction, with Atlantic Union Bank listed as the noteholder tied to the sale, per the report.
According to Source of the Spring, rents for available units at The Guardian currently range from approximately $1,600 to $3,000, positioning the building within the broader downtown Silver Spring rental market. The identity of the buyer has not been disclosed.
In addition to its residential component, the property includes 9,430 square feet of retail and storage space. A portion of that ground-floor retail has already been claimed, with Paris Baguette set to occupy 3,489SF, adding a new dining option to the area in the near future.
