HFF closes $31.25M sale of Gables Rothbury in suburban Washington, D.C.

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Gables Rothbury (top left photo) , a 204-unit, Class A multi-housing community in Montgomery Village, Maryland.

HFF managing director Dave Nachison (middle right photo)  and director Alan Davis (bottom left photo)  led the marketing efforts on behalf of the seller, Gables Residential.

Avalon Bay Communities, Inc. purchased the property for $31.25 million, all cash.

Gables Rothbury is located at 20120 Rothbury Lane approximately 21 miles northwest of Washington, D.C. via Interstate 270 in Montgomery Village, Maryland.

Completed in 2005, the property has one-, two- and three-bedroom units averaging 1,111 square feet each. Community amenities at the 96% occupied complex include a fitness center, swimming pool, business center, conference room, resident library, community room with billiard table, picnic area with grills, children’s playground, storage units and 48 attached garages.

“Gables Rothbury is the highest quality multi-housing property in the Gaithersburg/Germantown submarket. It is uniquely positioned to benefit from favorable fundamentals such as strong demand from consistent population and job growth. Future supply constraints due to the current economic climate will ensure superior operating performance,” said Nachison.

Gables Residential is a privately owned REIT, which owns, develops and manages multi-housing communities and mixed-use developments in Atlanta, Austin, Dallas, Houston, South Florida, Southern California and metropolitan Washington, D.C.

Additionally it has third-party management operations in the Chicago, New York, Phoenix, central and North Florida and Washington state markets. Currently, the company manages more than 35,000 apartment homes, owns 63 communities with nearly 17,000 units and has an additional 20 communities in lease-up or under development.

AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States. These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country.

Contacts:

David R. Nachison, HFF Managing Director, (202) 533-2500,  dnachison@hfflp.com
Alan M. Davis, HFF Director (202) 533-2500,  adavis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing,  (713) 852-3500krmurphy@hfflp.com