An 87-unit garden apartment complex in East Silver Spring has been sold for $20 million, according to a press release from the seller’s broker.
Parkside Terrace at 502 Easley St. was purchased by a partnership led by Enterprise Community Development, a Baltimore-based nonprofit that develops and manages affordable rental homes, according to the company website.
“The property has been well managed by long-term owners allowing ECD and its partners to preserve naturally occurring affordability in desirable Montgomery County with a high-quality apartment community,” said Robin Williams, an executive vice president at Transwestern Real Estate Services, which represented the undisclosed seller.
Transwestern has also worked with local clients such as Foulger-Pratt and The Bozzuto Group.
Parkside Terrace features one- and two-bedroom units and is close to parks and downtown Silver Spring.
“We see a growing trend by organizations to protect market rate affordability in the region,” added Dean Sigmon, another EVP at Transwestern, about the sale.
Photo Courtesy of Transwestern