Willton, 29th Street Acquire Apartments Outside DC

April 28, 2025

Washington D.C.Finance & Investment Market Rate Mid-Atlantic More News

Following the purchase, the buyers assumed a $62 million loan from Fannie Mae.

A photo of Fenwick Apartments, which offers both quick access to Washington, DC proper and DNA Valley, one of the largest biotechnology corridors in the country, — Fenwick Apartments, which offers both quick access to Washington, DC proper and DNA Valley, one of the largest biotechnology corridors in the country, *Image courtesy of 29th Street Capital*

A joint venture between Willton Investment Management and 29th Street Capital has acquired Fenwick Apartments, a 311-unit Class A apartment community located in downtown Silver Spring, Md. Insight Property Group was the previous owner and seller. A purchase price was not disclosed.

Following the purchase, 29th Street Living, the second buyer’s property management arm, will operate the property.

Following the purchase, the buyers assumed a five-year, $61.6 million loan from Fannie Mae that was originated by Walker & Dunlop in 2021. It will mature in November of 2026.

Fenwick Apartments started construction in 2013, and offers a mix of studio, one- and two-bedroom apartments. Thirty-nine units are set aside as affordable housing. A pool, fitness center, rooftop lounge with a living green wall and business center are among the LEED Gold-certified community’s amenities.

Fenwick Apartments is about six miles to the northwest of the District, accessible via the Silver Spring Metro station, located three blocks away. An additional Metro line is planned to open in 2027. The I-270 Tech Corridor, also known as DNA Valley, is located 10 miles to the northwest.

Nearby development activity

Less than five miles away from Fenwick in Friendship Heights is Residences at Mazza, the first new residential community in 15 years to come to that area. The planned $150 million project is taking shape at the site of an abandoned shopping mall, and will include 320 apartments as well as 70,000 square feet of retail space. Move-ins at the residential component are expected to begin next month.

About 35 miles further to the northwest is The Terrace, a four-story, 300-unit property being built in Frederick, Md. The project, which broke ground last month, is a joint venture between High Street Residential and SCOA Real Estate Partners. It’s expected to deliver in 2027.