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ROCKVILLE, MD-A joint venture has acquired Avalon Crossing apartments from Avalon Properties Inc., which spent an estimated $13.5 million to complete the development. Philadelphia-based GMAC Institutional Advisors teamed up with Bethesda-headquartered the Meridian Group to create Montrose Crossing LLC and purchase the 132-unit property.

The joint venture secured a $41-million financing package with the assistance of Richard Bopp, Fabrice Vasques and Ryan Pinson of GMAC Institutional's parent company, GMAC Commercial Mortgage Corp. Both firms are subsidiaries of GMAC Commercial Holding Corp., as is GMACCM's Proprietary Lending Group, which provided the funds. The property and the nearly five-acre parcel it occupies have a current assessed value of $16.3 million, according to Montgomery County records.

Carrying the address of 12000 Chase Crossing Circle, the complex sits in the center of Rockville off Interstate 270, just 13 miles outside of Washington, DC. It also located near the 800,000-sf regional White Flint Mall. The 189,000-sf apartment building was developed in 1996 and features such amenities as a fitness center, clubhouse, playground and swimming pool. The property also provides enough space for surface parking to accommodate 186 vehicles, as well as a series of private garages.