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| 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.
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| 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.
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| 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.
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| 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
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