GAITHERSBURG, Md., March 02, 2017 (GLOBE NEWSWIRE) -- Transwestern today announces it represented AvalonBay Communities in the disposition of Eaves Gaithersburg, a 684-unit apartment community at 750 Clopper Road in Gaithersburg, Maryland. The property, which was built in 1974, sold for $117 million, or $171,053 per unit. Transwestern’s Mid-Atlantic Multifamily Group, led by Co-Directors Dean Sigmon and Robin Williams, represented the seller in the transaction. The property was purchased by Orlo.
“Overall investor interest was extremely strong for this asset, as job growth in Washington, D.C., has gained significant traction, driving up demand for rental housing,” said Sigmon. “The property offered a rare, sizable multifamily opportunity to improve rent growth through more accretive interior renovations and amenity enhancements.”
The property is a short walk to a Maryland Area Regional Commuter (MARC) train station and less than a half-mile from Interstate 270 and Route 355. The property is proximate to some of Montgomery County’s largest employers – the National Institute of Standards and Technology, MedIummune, Lockheed Martin and Adventist HealthCare.
According to Transwestern research, a net total of 65,500 jobs were added to the Washington area during the 12 months ending November 2016, with the area poised for continued growth in 2017.
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