Silver Spring Multifamily Changes Hands in $20M Deal
By Keith Loria December 20, 2022 4:44 pm
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Nonprofit and affordable home developer Enterprise Community Development (ECD) spearheaded a partnership to acquire Parkside Terrace, an 87-unit multifamily complex in Silver Spring, Md., for $20 million.
Transwestern represented the seller, a local family partnership that has owned the property for over 20 years.
“The property has been well managed by long-term owners allowing ECD and its partners to preserve naturally occurring affordability in desirable Montgomery County with a high-quality apartment community,” Robin Williams, an executive vice president at Transwestern, said in a statement.
Located at 502 Easely Drive Street, Parkside Terrace offers one- and two-bedroom units. The property is near a public park and within walking distance of public transportation, per the statement.
The property is also less than two miles from City Place Mall, the Walter Reed Army Medical Center and the Silver Spring Metro stop.
Enterprise Community Development is known for turning its acquisitions into affordable housing, but it could not be immediately confirmed if this will be the case with this community.
Transwestern’s Dean Sigmon, Justin Shay and Michael D’Amelio joined Williams in representing the seller in the deal. No other brokers were involved.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
