Montgomery County Multifamily Property Gets New Owner

GAITHERSBURG, MD-Rosewood at Flower Hill, a 240-unit multifamily complex, has found a new owner. Relying on the assistance of Transwestern Commercial Services’ Institutional Multifamily Group, Fairfield Residential turned over ownership of the apartment community to an affiliate of Stellar Advisors for a currently undisclosed amount. Montgomery County public records of the Maryland Department of Assessments and Taxation, indicate that the property was last sold in late 2001 for $22.6 million.

Located on a 14-acre parcel off I270, Rosewood is within easy reach of Washington DC, and such vital destinations as the Reagan National Airport and Washington-Dulles International Airport. In addition to its residences, the apartment community, which was just renovated last year, features a pond, picnic area, playground, and further recreational options through resident access to the Flower Hill Community Center. “Stellar Advisors understands the excellent long-term prospects for this unique asset and completed the transaction in less than 30 days,” Transwestern IMG’s co-directors Al Cissel and Scott Melnick note.