450-Unit Silver Spring Apartment Community Sells to JBG
- Apr 08, 2013
The JBG Cos., a Chevy Chase-based private real estate firm that develops, owns and manages office, residential, hotel and retail properties, has acquired the Falkland Chase apartments, a prominent apartment community in downtown Silver Spring. Home Properties of Rochester was the seller.
Falkland Chase is a 450-unit apartment community located at 8305 16th St., in the heart of one of Montgomery County’s busiest downtowns. It is close to the Silver Spring Metro station and a stop on the future Purple Line, as well as The Fillmore Music Hall, AFI Theater, Discovery Communications and an array of dining and shopping options. Amenities include fully equipped kitchens, fitness center, ceramic tiles in baths, hardwood floors and more. The community is also pet friendly.
“Falkland Chase is a great addition to our residential portfolio,” said David Paul, a JBG partner, in a statement to the press. “This is a well-located, transit-oriented community that we are proud to own. We are committed to providing excellent customer service to the residents at Falkland Chase from day one.”
Home Properties retained Jones Lang LaSalle Inc. to market the property. The price of the transaction has not yet been disclosed.
JBG has more than $10 billion in assets under management and development in the Washington, D.C., area. The company invests almost exclusively in urban-infill, transit-oriented developments. Its portfolio includes nearly 7,000 apartments among its 30 million square feet of office, residential, hotel and retail space. The Veridian apartments and the Silverton condominiums are JBG’s most recent developments in Silver Spring.
The Silver Spring apartment market has seen some action this past week. On March 28, Waterton Associates sold its Aston Woods apartment community to Azure Partners for $40.8 million. Aston Woods is a 261-unit community that was built in 1986. The asset is 94 percent leased and has seen almost $3 million in capital improvements during the past five years.