Ashford at Woodlake, developed in 1974, occupies a 33-acre parcel on Castle Blvd., near the new Briggs Chaney/Rte. 29 interchange. In addition to its residences, the sprawling garden-style complex also features such requisite apartment community amenities as a swimming pool. The joint venture has big plans for the property. Already, a renovation project is underway that is expected to help make Ashford at Woodlake more competitive with area apartments. However, Federal Capital and Angelo Gordon's changes will not stop at the renovation process. Capitalizing on the fact that Ashford at Woodlake's expansive parcel of land is zoned to accommodate more than 1,100 residential units, the joint venture is proposing to build 90 new condominium units on the site. With the nation's currently thriving condominium market, such new development will also add to the property's appeal.

According to a report by M/PF Research Inc issued last fall, Silver Spring boasted a 96.8% occupancy rate, making it one of the hottest multifamily submarkets in the greater Washington, DC area. "The limited volume of construction certainly was one factor that helped Silver Spring maintain an occupancy premium consistently throughout roughly the past seven years," the report notes. "Other influences come into play too, however, and those factors include the fact that Silver Spring is such a convenient location for the large number of workers employed within the neighboring District of Columbia and Bethesda areas. Furthermore, even with Silver Spring rents tending to rise faster than the metro norm, the area still appeals to many renters because of its comparative affordability."