Transwestern Team Sells Three Maryland Apartment Communities for Almost $100M
By Adrian Maties, Associate Editor
Transwestern’s Bethesda, Md.-based Mid-Atlantic Multifamily Group finished 2012 strong. In December, the group headed by co-directors Dean Sigmon and Robin Williams closed three deals in Maryland totaling almost $100 million.
Transwestern represented the sellers in all three transactions. Two of them are located in the Washington, D.C., metro area, in Wheaton and Rockville, while the third is in Owings Mills.
Glenmont Crossing is a 199-unit garden apartment and townhome style community in Wheaton, Montgomery County. A partnership between Buvermo Investments and Abbey Road Development sold it to the Housing Opportunities Commission of Montgomery County through the right of first refusal process. The price of the transaction was $27.9 million, or $140,201 per unit.
Rockville’s Fireside Park is a 236-unit garden-style community. Hampshire Properties also sold it through a right of first refusal to Rockville Housing Enterprises. The company received $36 million for the community, or $152,542 per unit.
Home Properties sold the 284-unit Timbercroft Townhomes community in Owings Mills, Baltimore County, to The Wishcamper Cos. and RMDG Inc. for $29.2 million, or $102,641 per unit.
“We are looking forward to the coming year and expect a continuation of the robust apartment market in the Washington metro area, with a continued interest in core and core-plus communities,” Dean Sigmon said in a news release.
The Washington metro area saw an increase of activity through the fourth quarter. Most recently, the Rockville-based Donaldson Group and its equity partner, Angelo, Gordon & Co. of New York, acquired Rolling Brook Village, a 732-unit garden apartment community located in Woodbridge, Va., for approximately $107.5 million. To find out more about this story, click here and read an article by MHN’s Jessica Fiur.
Click here for more market data on Washington, D.C.
Charts courtesy of Marcus&Millichap.