HFF Arranges $70M Sale of MD Community
The company procured Bridge Investment Group as a buyer for Silver Spring-based Spring Parc, which includes 399 units.
HBethesda, Md.-based HFF has arranged the $70.3 million sale of 399-unit rental community Spring Parc in Silver Spring, Md. The HFF team marketed Spring Parc on behalf of seller Ares Management LP and procured an affiliate of Bridge Investment Group LLC as buyer.
Spring Parc features 120 one-bedroom, 232 two-bedroom and 47 three-bedroom apartments.
Apartment size varies from 960 square feet for a one-bedroom, one-bath unit to 1,189 square feet for a three-bedroom, two-bath unit.
Units feature private balconies or patios, wall-to-wall carpeting, walk-in closets and in-home washers and dryers. Residents can choose from bay or floor-to-ceiling windows.
Close to employment
Common-area amenities include a fitness center, basketball courts, a large swimming pool with separate children’s wading pool, two playgrounds, a grilling and picnic area, a dog park with agility course and available high-speed Internet access.
With an address at 17 Featherwood Court in Montgomery County near major job centers in Silver Spring, Rockville and Washington, D.C., Spring Parc is also close to Interstates 95 and 495, the Intercounty Connector (ICC) Maryland 200, Route 29 and other major regional thoroughfares. Nearby are various shopping centers and two soon-to-arrive developments.
The HFF investment advisory team that represented the seller was comprised of Walter Coker, Brian Crivella, Roland Merchant and Maryland licensed real estate broker Stephen Conley.