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Constructed in 1989, this multi-family community appealed to Grosvenor for its value-add potential in a desirable submarket location with strong economic drivers and attractive pricing.
Our local asset management team lead a $12.1m repositioning and rebranding program in 2016 to update unit interiors, landscaping, and resident amenities which efforts improved both rents and occupancy.
Thoughtful improvements added higher-quality unit finishes and the addition of “tot lots,” new outdoor fitness stations, and fireside social lounges, which resulted in NAIOP awarding it the 2018 Best Suburban Renovation Award - D.C. Region.
To capitalize on attractive demand metrics, we sold the property in 2021 to pursue new value-add residential opportunities in the region.
Property type: Multi-family rental
Location: Gaithersburg, MD
Size: 646,522 sq. ft. I 648 units
Purchase price: $146m
Capital invested: $12.1m
Awards: 2018 NAIOP Best Suburban Renovation - DC Region