Thursday, March 28, 2013

HFF closes $40.75 million sale of Aston Woods in Silver Spring, MD



Aston Woods Apartments, Silver Spring, MD
WASHINGTON, D.C. – HFF announced today that it has closed the sale of Aston Woods, a 261-unit, garden-style multi-housing community in Silver Spring, Maryland.

HFF marketed the property on behalf of the seller, Waterton Associates, LLC.  Azure Partners LLC purchased the asset for $40.75 million free and clear of existing debt on the property.

Aston Woods is located at 3411 Gateshead Manor Way near major transportation routes including the Intercounty Connector, Interstate 95 and Interstate 270, which provide access to the entire Washington, D.C. and Baltimore metropolitan areas. 

David Nachison

Originally constructed in 1986, the property has received nearly $3 million in capital improvements during the past five years, including interior unit renovations as well as significant improvements to the common area amenities and building systems.

 The 94 percent leased property includes one- and two-bedroom units averaging 864 square feet each.  Community amenities include a clubhouse, resort-style swimming pool with sundeck, indoor spa, state-of-the-art fitness center, play area, jogging trail and outdoor sport court.

Alan Davis
                The HFF team representing Waterton Associates was led by senior managing directors David Nachison and Alan Davis and director Brenden Flood.

                “Aston Woods has seen the successful implementation of a renovation program that still provides room to increase rents through modest additional upgrades, and its appeal has been improved by major area road improvements in the region including the Intercounty Connector that now links the I-270 corridor with the I-95 corridor,” Nachison stated.  

“Aston Woods’ location in one of Montgomery County’s closest submarkets to the job growth being felt around Fort Meade, has also expanded its draw from employment growth on the military base, and a growing contractor base focused on national security,” continued Nachison.

Brenden Flood
Waterton Associates, LLC is a Chicago-based investment firm specializing in the ownership and management of multifamily properties.  Waterton has participated in the acquisition, disposition and financing of apartment properties located throughout the United States.

Azure Partners LLC (Azure) is a real estate private equity firm focused on the acquisition and management of real estate assets within high-growth markets in the United States.  Founded in 2010 by Michael Dennis and Arthur Rosenberg, Azure currently owns interests in real estate valued at $250 million encompassing multi-housing and office assets in the United States and Western Europe.


For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

No comments:

Post a Comment