Gaithersburg Apartments Sell for $31M
Bernstein Management Corp has purchased Oakwood Gaithersburg, a 136-unit high-rise apartment complex, for $31.3M. Transwestern's Robin Williams and Dean Sigmon, who repped seller Archstone, tell us the property traded at a cap in the mid-5% range. Dean adds that although Oakwood Gaithersburg is a luxury property, there's still value-add potential, as the quality of the rental base in the surrounding area will demand moderate upgrades by the new buyer. (That's a real estate person's version of a compliment, Gaithersburg. Put it on your candy hearts next Feb. 14.)
Robin says they toured over 30 different groups (both institutional and private capital). Bernstein's familiarity with the market, as well as ownership of another sizeable asset nearby (Residences at King Farm), helped it emerge victorious.
