Buchanan JV Buys Silver Spring Apartments, Plans Adjacent Development
A low-rise Silver Spring apartment community once named "Privacy World" will soon have a 254-unit multifamily building rising next door.
A joint venture of Gaithersburg-based Buchanan Partners and Miami-based Elion Partners acquired the 164-unit community, now branded as Auden Place, and an adjacent 3.5-acre development site.
The team is planning to break ground in Q1 on a 254-unit multifamily building on the development site. It paid $34M for the existing community and the neighboring land and estimates the full project will cost over $100M.
The property at 12633 Georgia Ave. sits less than a half-mile from the Glenmont Metro station, a terminus station on the Red Line. It was once named Privacy World, according to Google Maps and multiple apartment listing websites, but the name has changed to Auden Place.
The community features one-bedroom units starting at $1,445/month, two-bedrooms starting at $1,625/month and three-bedrooms starting at $2,080, according to its website. Amenities include laundry facilities, on-site parking, a dog park and other landscaped open space. The new owners will renovate the existing units in addition to building a new multifamily project.
"Our project in Glenmont will allow us to deliver new, Class-A multifamily inventory in a supply constrained market while improving the existing apartments, enabling us to provide upgraded market-rate housing at affordable rental rates," Buchanan principal Jimmy Roembke said in a release.
