AvalonBay Sells Gaithersburg Apartment Complex For $117M
A 684-unit Gaithersburg apartment community built in 1974 has just traded hands for $117M.
Arlington-based AvalonBay sold the property to The Orlo Fund, a Laurel-based investment firm. Transwestern co-directors Dean Sigmon and Robin Williams respresented AvalonBay in the deal, which came out to $171k per unit.
Eaves Gaithersburg, at 750 Clopper Road, sits just off I-270, a short walk from the Metropolitan Grove MARC station and across the street from a retail center with a Rite Aid, Staples, Home Goods and LA Fitness.
“Overall investor interest was extremely strong for this asset, as job growth in Washington, D.C., has gained significant traction, driving up demand for rental housing,” Sigmon said in a release. “The property offered a rare, sizable multifamily opportunity to improve rent growth through more accretive interior renovations and amenity enhancements.”