Harbor Group Trades Suburban DC Community
The seller invested in capital improvements at the property after buying it for $108.5 million in 2015.
The Gateway
Harbor Group International has sold The Gateway, previously known as Jefferson at Orchard Pond, a 748-unit garden-style community in Gaithersburg, Md.
HGI acquired the property back in October 2015, according to Yardi Matrix. Seller JPI traded the asset for $108.5 million.
Located at 925 Clopper Rd., The Gateway is in the DNA Alley area of Montgomery County, a life science cluster with more than 170 biotech firms. The property is a short distance from the Metropolitan Grove train station and 4 miles from the Metro’s Shady Grove station, and Interstate 270 links the area to central Washington, D.C., 25 miles southeast.
Built between 1973 and 1975, the pet-friendly community has one-, two- and three-bedroom apartments with floor-to-ceiling windows, walk-in closets and washers and dryers. Community amenities include sand volleyball and tennis courts, an outdoor swimming pool, a business center and six playgrounds.
After the 2015 purchase, HGI began myriad capital improvements at the property. Renovations included updates to HVAC systems and interior upgrades to 200 units. The company also invested in updating existing amenities and adding outdoor kitchen stations and two dog parks.
At the beginning of March, HGI paid $306 million to expand its multifamily footprint in the Southeast. McDowell Properties sold the 2,322-unit portfolio.
