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Torchlight Provides $23 Million To Acquire A 576-unit Multifamily Property In Germantown, Md
The 576-unit complex consists of 27, three-story residential buildings situated on 32 acres. The community offers multiple common area amenities including a saltwater swimming pool, clubhouse, 24-hour fitness center, tennis court, playground, pet spa, picnic area, community garden and garage parking. The property's unit mix includes four different layouts ranging in size from 690 square feet to 1,180 square feet. The apartments feature spacious kitchens with serving counters and islands, ample closet space, patio/balconies and full size washers and dryers. Torchlight and Hampshire's plan for the complex includes a value-add strategy with contemporary upgrades to the units including stainless steel appliances, new flooring in kitchens and baths, granite countertops, new cabinetry and light fixtures.
The property is conveniently located along I-270, a six-lane expressway which links the Capital Beltway (I-495) to Frederick, MD. The I-270 Corridor, dubbed "DNA Alley", is the third largest biotechnology cluster in the country and the largest in the Mid-Atlantic region offering vast employment opportunities to the surrounding neighborhoods. Additionally, the Loudon County Bus network, with a stop outside the Property's main gate, provides connectivity to neighboring cities and the Shady-Grove Metro Station through the Red line which connects to Bethesda, Washington, DC, Silver Spring and Glenmont.
"The property is in an attractive market, has strong in-place, stable cash flow and is poised to benefit from the continuation of a successful renovation program. We are excited to start a new relationship with Hampshire Properties, an experienced owner/operator in the multifamily space, and look forward to partnering with them on future opportunities,"
"We are excited to have closed on Milestone Apartments, which complements our existing and growing portfolio of income producing properties with value add potential", said Daniel Rosenthal, COO of Hampshire Properties. "We are also extremely pleased to have partnered with Torchlight Investors and look forward to a long lasting relationship with them."
Torchlight Investors is an independent investment advisor, focused on commercial real estate investments. Since its inception in 1995, Torchlight has acquired over $20 billion in public and private commercial real estate investments. For more information, visit www.torchlightinvestors.com.
About Hampshire Properties
Hampshire Properties is a privately held real estate investment firm based in Brooklyn, NY. The company was founded in 1988 and its holdings currently consist of various forms of real estate including office, industrial, ground up development, and coworking - with the majority of its focus in Multi-Family properties.For more information, visit www.hampshireprop.com.