Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
SKS, MRK Acquire $51M Gaithersburg Apartments for Conversion to Affordable Housing
Rockville, MD-based SKS Realty Partners has joined with MRK Partners of Los Angeles, CA to acquire Amber Commons, a 198-unit garden apartment community in Gaithersburg, MD, for $51.5 million. The seller, RST Development, was represented by CBRE.
Over the next year, the partnership plans to convert the property to affordable housing utilizing Low-Income Housing Tax Credit (LIHTC) syndication. “Acquiring Amber Commons with the intent of converting to affordable housing will ensure that the existing residents can remain in place for the long term, and not have to worry about being priced out of an otherwise expensive market,” said Sydne Garchik, founder and president of MRK Partners.
Amber Commons was built in 1968 and gut-renovated in 2009, and new ownership plans to invest $8 million to upgrade units and common areas. The community’s location on Prism Place within I-270 Technology Corridor provides access to public transportation, extensive retail and entertainment amenities, and major employers.
- ◦Sale/Acquisition
