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Montgomery County Makes $1.52M Acquisition

TAKOMA PARK, MD-At $80,000 per unit, the sale was below the average market rate for Montgomery County.

By Erika Morphy | Updated on August 04, 2006

TAKOMA PARK, MD—The Montgomery County government has acquired 1001, 1003, & 1005 East University Blvd. in Takoma Park for $1.52 million from a local investor. It has assigned the property to the Montgomery Housing Partnership, a non profit affordable housing property manager and owner.

David Weber, a senior associate in Marcus & Millichap’s Washington, D.C., office who had the listing to market the property, says the acquisition price was low on a per-unit basis for Montgomery County because of Takoma Park’s rent control laws.

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