Parkside Terrace
Update
01/03/23
Enterprise Community Development Buys Washington DC Apartments for $20M
Transwestern Real Estate Services (TRS) today announces its Mid-Atlantic Multifamily Group has brokered the sale of Parkside Terrace, an 87-unit multifamily asset at 502 Easely St. in Silver Spring, Maryland. A partnership led by Enterprise Community Development (ECD), a nonprofit owner and developer of affordable homes, purchased the garden-style community for $20 million, or $229,885 per unit. Transwestern’s Dean Sigmon, Robin Williams, Justin Shay, and Michael D’Amelio represented the undisclosed seller in the disposition.
“The property has been well managed by long-term owners allowing ECD and its partners to preserve naturally occurring affordability in desirable Montgomery County with a high-quality apartment community,” said Williams, an Executive Vice President at Transwestern.
Parkside Terrace features one- and two-bedroom units in a quiet neighborhood east of downtown Silver Spring. The property is situated adjacent to a public park, offering exceptional walkability and convenient access to public transportation and surrounding transportation arteries.
As one of the most active multifamily investment sales groups in the Mid-Atlantic, Transwestern has transacted more than $600 million in 2022, including two other naturally affordable workforce housing communities: Glen Rock Landing in Fort Washington, Maryland and Bedford Station and Victoria Station in Hyattsville, Maryland.
“We see a growing trend by organizations to protect market rate affordability in the region,” said Sigmon, an Executive Vice President at Transwestern.
Transwestern’s Mid-Atlantic Multifamily Group provides a full range of investment sales services throughout Maryland, Washington, D.C., Northern Virginia, Richmond, Philadelphia and Delaware. The group’s recent client roster includes Sentinel Real Estate, Federal Capital Partners, Foulger-Pratt with DLJ, Hampshire Properties, Aimco, Avalon Bay, Equity Residential, The Bozzuto Group, Fannie Mae, AIG Investment, Morgan Properties, Goldman Sachs, JP Morgan and Angelo Gordon.
