GlobeSt.com EXCLUSIVE: Apartment Complex Sells for $23M

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GAITHERSBURG, MD- RST Development Inc. has acquired the West Deer Park Apartments, a 198-unit multifamily community situated on a nine-acre parcel near the I-270/I-370 interchange, for $23 million. A joint venture involving Philadelphia’s AMC Delancey Group Inc. and Ross Investments Inc. of Bethesda, MD sold the seven-structure property.

It was about a year-and-a-half ago that the sellers acquired West Deer for approximately $17.23 million. They spent approximately $3 million on upgrades. The new owner plans to convert the apartments into townhouses.