DF Ventures Pays $50M for Maryland Apartments
Drucker + Falk’s business unit acquired a 240-unit property in Silver Spring with plans to embark on a value-add and rebranding program.
The Point at Hampton Hollow Apartments in Silver Spring, Md. Image via Google Street View
Multifamily company Drucker + Falk’s business unit DF Ventures has acquired The Point at Hampton Hollow Apartments in Silver Spring, Md. The garden-style apartment community fetched $49.5 million earlier this month. Drucker + Falk intends to revitalize and rebrand the asset into The Crest on Hampton Hollow.
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Located at 3408 Hampton Hollow Drive, the 240-unit rental community features 11 one- to three-story buildings across a 14.4-acre property. The property offers one- and two-bedroom residences ranging in size from 531 to 1,025 square feet. Units feature open floor plans, fireplaces, vaulted ceilings, semi-private entries and private balconies-patios. A resident lounge with free wi-fi is among the more prominent common-area amenities.
Value-add strategy
DF Ventures has identified an ambitious, value-add strategy for the apartment community.
The company intends to update the clubhouse, enhance curb appeal, finish apartment renovations and generally modernize the community. The firm also has rolled out plans to initiate professional management practices and a more targeted marketing strategy.
The property’s location and access to Interstate 95 and the Intercounty Connector offer residents quick, easy access to employment hubs, schools and entertainment centers across the Washington and Baltimore region. The community is within a four-minute drive of three shopping centers, an eight-minute drive of a commuter rail station and within 20 minutes of three institutions of higher learning, including the University of Maryland. Maydale Conservation Park and Nature Center, Fairland Regional Park, Brookside Nature Center, Browns Bridge Recreation Area and the University of Maryland Observatory are all situated within an 8 to 17-minute drive from the apartment community.
Last month, Drucker + Falk sold a three-property portfolio encompassing 710 units in the Richmond-Tidewater market of Virginia. The Kushner Cos. acquired the multifamily assets for $113 million.
