Silver Spring Multifamily Changes Hands in $20M Deal
A partnership led by Enterprise Community Development (ECD), a nonprofit owner and developer of affordable homes, has acquired 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.
“It’s an excellent location and well-maintained property,” Robin Williams, an executive vice president at Transwestern, told Commercial Observer. “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.”
Located at 502 Easely Drive Street, Parkside Terrace offers one- and two-bedroom units. The property is adjacent to a public park, offering walkability and convenient access to public transportation and surrounding transportation arteries.
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.
Keith Loria can be reached at Kloria@commercialobserver.com.