Gaithersburg Apartments Sell for $31M
![Gaithersburg Apartments Sell for $31M](https://62b44a55c8f3a87440df-45c7b4d5aac2f388172e587008aaac69.ssl.cf2.rackcdn.com/33465-1406928899-DeanSigmonandRobinWilliams-large.jpg-large.jpg)
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.)