Cushman & Wakefield announced today it has sold a 300-unit apartment building in Gaithersburg, Maryland, for $67 million.
Woodfield Partners originally built the project in 2012 and recently sold the Class-A building to JEM Holdings. With close proximity to Lakeforest Mall, which is located in an opportunity zone with plans for redevelopment, Hidden Creek Apartment Homes gained interest from investors and buyers with an appetite for multifamily in the Washington D.C. metro area.
“There was a significant amount of interest in the property due to the overall construction quality, luxury finish level and convenient access to major employment along the I-270 corridor,” said Jorge Rosa, Managing Director at Cushman & Wakefield. “This sale signals a recent shift in investor focus from value-add opportunities to core-plus assets in the Washington Metro Area. The best-in-class amenity package coupled with a light in-unit renovation and future upside in the immediate location were some of the reasons that attracted the buyer to asset.”
The property, located at 430 Allied Pl., is well amenitized with luxury finishes including a resort style pool, a media theatre room, a conference room, an outdoor fire pit and lounge, grilling stations, a modern fitness center with separate cardio and weight rooms, a two-story club room with a billiards table, a cyber café, a dog park, 24/7 package lockers and a structured parking garage. The apartment building has 300 units and is currently at 96 percent occupancy.
“We’re very excited about our recent acquisition of Hidden Creek Apartments,” said Mikael Levey, principal at JEM Holdings. “This transaction presented an opportunity to acquire a well-located property at an attractive basis in one of the top performing metro areas in the country. We look forward to executing our business plan of further enhancing interiors and building on the seller’s success during their ownership of this asset.”
Rosa and Director, Anthony Liberto brokered the transaction.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
