Silver Spring Apartment Community Sells For Second Time In 2 Years
Apartment properties in the D.C. suburbs continue to trade at a rapid pace, with the latest deal coming in northern Silver Spring.
Baltimore-based Signature Properties last month acquired the 256-unit apartment community at 3310 Tea Garden Circle from an affiliate of Pennant Housing Group for $48.1M, property records show.
The community was previously branded as the Knights Bridge apartments, and Signature Properties has changed it to the Centre at Silver Spring, according to its website. The community previously traded in May 2018 when Percontee sold it to Pennant for $40M, according to property records.
The property sits near the interchange of U.S. 29 and MD 200, roughly 6 miles north of the Beltway. It is across the street from a retail center that includes a Global Food grocery store, a Ross Dress for Less and a Dollar Tree.
Signature Properties, founded in 2007 by Michael Katz, owns 14 apartment properties in Maryland. Six of them are in the Baltimore area and eight are in the D.C. suburbs, including Hyattsville, Greenbelt, District Heights and Temple Hills. In July, it paid $36M for two properties in Prince George's County and Baltimore.