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Washington REIT Sells Gaithersburg Apartment for $32M

UIP is the buyer of the mid-rise apartment building and Capital One financed the acquisition.

By Erika Morphy | Updated on October 31, 2017

Walker House

WASHINGTON, DC–Washington REIT has sold the Walker House, a 212-unit mid rise apartment building in Gaithersburg, Md., to Urban Investment Partners for $31.8 million, after owning it for twenty-one years. CBRE represented the REIT in the transaction and Capital One provided the financing.

Walker House is a fully occupied community of 196 rental apartments originally built in 1971, plus 16 garden apartments added in 2003, that is located off Route 355 on Walkers Choice Road along the I-270 corridor. UIP is planning to make modest improvements for the older apartments and some of the common areas.

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