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Enterprise Community Development Acquires Silver Spring Community for $20M
Enterprise Community Development, a nonprofit owner and developer of affordable homes, has purchased the Parkside Terrace community located at 502 Easely Street in Silver Spring, MD for $20 million ($229,885 per unit).
Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Real Estate Services represented the undisclosed seller in the disposition of the 87-unit garden-style asset.
“The property has been well managed by long-term owners, allowing Enterprise Community Development and its partners to preserve naturally occurring affordability in desirable Montgomery County with a high-quality apartment community,” said Williams.
“We see a growing trend by organizations to protect market rate affordability in the region,” added Sigmon.
Parkside Terrace features one- and two-bedroom units in a quiet neighborhood east of downtown Silver Spring. The property is situated adjacent to a public park and offers walkability and access to public transportation and surrounding transportation arteries.
- ◦Sale/Acquisition
