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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.
We saw an opportunity to re-touch homes with higher quality finishes and compete with newer product and achieve increased rent premiums.
Our local team lead a $12.1m repositioning and rebranding program to both unit interiors and amenities, which improved rents and occupancy.
In an agreement with Montgomery County, Grosvenor offered several affordable units in the community with the County subsidizing the differential between the affordable rents and market rents.
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