Chevy Chase, Md.—The JBG Companies, a private real estate development firm, has acquired a 450-unit multifamily community from Home Properties of Rochester. The property, called Falkland Chase, is located in downtown Silver Spring in Chevy Chase, Md.
The apartments feature one-, two- and three-bedroom floor plans and the units include dishwashers and central air conditioning. Amenities for the community include a parking garage, playground and fitness center.
“JBG plans to make some improvements to apartment interiors to enhance the resident experience,” David Paul, a JBG partner, tells MHN. “These and other improvements will be done on an as-needed basis but addressed as quickly as possible.”
The company also plans to change up the property management staff.
“There will be a new general manager of the property, as well as a new resident services manager and leasing staff,” Paul says. “JBG retained most of the maintenance staff from the previous owner.”
According to Paul, the rents are “based on market conditions and will remain comparable to rents at similar properties in the area.”
Falkland Chase is a transit-oriented development located near the Silver Spring Metro station and near the future Purple Line. The community is also located close to Discovery Communications, The Fillmore Music Hall and AFI Theater, as well as restaurants and shopping.
“JBG focuses almost exclusively on transit-oriented communities, and with its proximity to the Metro’s Red Line and the future Purple Line, Falkland Chase is exactly the kind of property we are interested in,” Paul says. “It is a great addition to our residential portfolio. The community has a long history in Silver Spring, and we look forward to being a good steward of its future.”