GAITHERSBURG, MD–AvalonBay is putting Eaves Gaithersburg, a 684-unit apartment community located at 750 Clopper Rd., on the market. It has retained Transwestern's Mid-Atlantic Multifamily Group's Dean Sigmon and Robin Williams to market the 58-building complex.
The property was developed in 1970 and renovated in 2008. Sigmon says that Eaves Gaithersburg can compete with newer, nearby Class A properties because of the in-unit improvements and enhanced amenities. The units range from one to three bedrooms, with two-bedroom/ two bathroom units as well — a distinction from the majority of Class B competitors, according to Transwestern.
AvalonBay acquired the property in 2010 from a joint venture between Federal Capital and Angelo Gordon for $101 million, or $147,661 per unit. The JV had bought the apartment in 2006 for $86 million and renovated it in 2008.
GAITHERSBURG, MD–AvalonBay is putting Eaves Gaithersburg, a 684-unit apartment community located at 750 Clopper Rd., on the market. It has retained Transwestern's Mid-Atlantic Multifamily Group's Dean Sigmon and Robin Williams to market the 58-building complex.
The property was developed in 1970 and renovated in 2008. Sigmon says that Eaves Gaithersburg can compete with newer, nearby Class A properties because of the in-unit improvements and enhanced amenities. The units range from one to three bedrooms, with two-bedroom/ two bathroom units as well — a distinction from the majority of Class B competitors, according to Transwestern.
AvalonBay acquired the property in 2010 from a joint venture between Federal Capital and Angelo Gordon for $101 million, or $147,661 per unit. The JV had bought the apartment in 2006 for $86 million and renovated it in 2008.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
