Among the two properties Archstone and affiliate decided to let go from their holdings is the 252-unit Archstone Saybrooke. Formerly known as the Camden at Saybrooke, the property was developed in 1990 and sits at 100 Old MacDonald Rd. Alliance Holdings took the apartment community off Archstone's hands for $37.5 million. And Archstone affiliate Ameriton sold Alliance Holdings the 186-unit apartment community known as the Verandahs, which carries the address of 9308 Willow Creek Dr. The 14-year-old property brought in $26 million. "Both of these assets were highly sought after because there is only one new community under construction in the Gaithersburg submarket," notes Transwestern agent Scott Melnick.

But strong interest in the property is due to more than just the low amount of construction activity here. "Washington, DC remains among the nation's most favorable markets for multifamily real estate investment," states Marcus & Millichap's semi-annual Apartment Research Report, released this month. "Vacancy has increased over the past two years and is expected to rise further this year, but will remain below levels that would cause concern among investors and force property managers to offer rent concessions."