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AvalonBay Sells 684 Units for $117M
AvalonBay Communities sold the 684-unit Eaves of Gaithersburg, located in Gaithersburg, MD. The selling REIT collected $117 million from buyer Orlo for the asset at 750 Clopper Rd. Dean Sigmon and Robin Williams with Transwestern represented the seller.
According to Transwestern, the complex attracted a great deal of interest, as job growth in the Washington D.C. metro has improved. Transwestern’s research department indicated that a net total of 65,500 jobs were added to the metro during the 12 months ending November 2016.
“The property offered a rare, sizeable multifamily opportunity to improve rent growth through more accretive interior renovations and amenity enhancements,” Sigmon said.
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- ◦Sale/Acquisition
- ◦Sale/Acquisition
