According to Montgomery County records, the property, whichconsists of nearly 400,000 sf spread out among 22 acres, has anassessed value of $27.4 million for 2002, and $29.7 million for2003. And while the records do not indicate the most recent saleprice, the property last changed hands in June 2001, when theownership deed was transferred from Aetna Life Insurance Co. toCarlsbad, CA-based Seneca Club Investors Group.

Located in a residential area at 18065 Cottage Garden Dr., justoff Great Seneca Hwy., the 15-year-old Seneca Club is easilyaccessible by I-270 and sits within close proximity to Seneca CreekState Park. The cottage-style apartment community boasts suchfeatures as a fitness center, a community clubhouse, racquetballcourts, and a playground.

Kay Apartment officials see the property as a perfect fit forits portfolio of multi-family properties in the Maryland andVirginia communities that comprise the greater MetropolitanWashington, DC area. "It was truly a pleasure to have had theopportunity to work with Kay Apartment Communities and BerkshireMortgage Finance, two of the finest companies in the business,"Transwestern Structured Finance Group senior vice president andmanaging director Clifford N. Mendelson says. This financing arm ofTranswestern Commercial Services guided Kay Apartment Communitiesthrough the process.