29th Street Capital Expands DC-Area Footprint
Solaire Apartments in Silver Spring, Md., is the company's latest acquisition.
Washington Property Co. has sold Solaire Apartments, a 232-unit transit-oriented community in Silver Spring, Md. 29th Street Capital paid $64 million for the asset, as reported by Bisnow. Berkadia acted on behalf of the seller.
The new owner plans to renovate the six-floor property and rebrand it as Maven at Wheaton. 29SC will operate the community through its property management company, Haven Residential.
Completed in 2014, Solaire incorporates studio, one- and two-bedroom apartments, ranging from 568 to 1,185 square feet, according to Yardi Matrix. The same data provider shows that 32 units are reserved for low-income residents. Common-area amenities include a 24-hour fitness center, a clubhouse, a swimming pool and business center, as well as 230 parking spaces.
Located at 10914 Georgia Ave., the property is roughly 3 miles from downtown Silver Spring. Located in a highly walkable area, its immediate vicinity encompasses numerous retail, dining and entertainment options. The community is also within walking distance of the Wheaton Metro Station, providing residents car-free access to Washington, D.C.
Senior Managing Director Brian Crivella, along with Senior Director Yalda Ghamarian and Director Bill Gribbin, were all part of the Berkadia team that represented the seller. Late last year, Crivella was also involved in the sale of a 413-unit community in the D.C. area. Brian Berry, senior vice president of 29SC, mentioned in prepared remarks that the company plans to keep expanding its footprint in the region.