AvalonBay Communities has disposed of Eaves Gaithersburg, a 684-unit apartment community in Gaithersburg, Maryland. The buyer, Orlo, paid $117 million, or $171,053 per unit for the 43 year old property at 750 Clopper Road. The asset is less than half a mile from Interstate 270 and Route 355 and close to Montgomery County’s largest employers: the National Institute of Standards and Technology, MedIummune, Lockheed Martin and Adventist HealthCare. Transwestern’s Mid-Atlantic Multifamily Group, led by Co-Directors Dean Sigmon and Robin Williams, represented the seller in the transaction.
“Overall investor interest was extremely strong for this asset, as job growth in Washington, D.C., has gained significant traction, driving up demand for rental housing,” said Sigmon. “The property offered a rare, sizable multifamily opportunity to improve rent growth through more accretive interior renovations and amenity enhancements.”
