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Transwestern Commercial Closes $51 Million Apartment Sale

GAITHERSBURG, MD-The Quince Orchard Cluster apartment community sells for $51 million in a transaction brokered by Transwestern Commercial Services. Fairfield Residential, serving as managing general partner in a partnership arrangement, becomes the new owner of the 684-unit complex.

By Barbra Murray | Updated on November 09, 2001

GAITHERSBURG, MD-Full-service commercial real estate firm Transwestern Commercial Services (TCS) completes the sale of Gaithersburg, Maryland’s Quince Orchard Cluster apartment community in a $51 million transaction. TCS’s Multifamily Services Group represents property owners Quince Orchard Section I & II, Limited Partnership in the deal.

Fairfield Residential, serving as managing general partner in a partnership arrangement, takes over ownership of the 684-unit complex. “Both parties were pleased with the transaction,” says TCS’s Al Cissel. “Fairfield Residential has plans to reposition the asset and will do very well with that plan. Quince Orchard is a great property in a great market” TCS’s Multifamily Services Group saw over $428 million in sales and financing in 2000. As a whole, TCS represented clients in about $2 billion worth of sales and financing transactions last year.

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