Dealmaker: AvalonBay Sells Eaves Gaithersburg for $117M

AvalonBay Communities sold Eaves Gaithersburg, a 684-unit apartment community in Gaithersburg, Md. near Washington, D.C. for $117 million.

Private real estate investment firm The Orlo Fund, Laurel, Md. purchased the property for $171,053 per unit.

The real estate investment trust sold the 1974-vintage property at 750 Clopper Road. Transwestern’s Mid-Atlantic Multifamily Group, led by Co-Directors Dean Sigmon and Robin Williams, represented AvalonBay Communities 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,” Sigmon said. “The property offered a rare, sizable multifamily opportunity to improve rent growth through more accretive interior renovations and amenity enhancements.”

The property is close to a Maryland Area Regional Commuter train station and less than a half-mile from Interstate 270 and Route 355. Some of Montgomery County’s largest employers including the National Institute of Standards and Technology, MedIummune, Lockheed Martin and Adventist HealthCare drive demand.

Transwestern reported that the Washington area economy grew by 65,500 jobs during the 12 months ending November 2016 and said the area remains poised for continued growth.