SILVER SPRING, MD-Azure Partners LLC of New York City has acquired the Aston Woods garden-style apartment community here for $40.75 million.
Aston Woods, according to HFF, which marketed the property on behalf of the seller Waterton Associates, LLC, contains 261 units and is located at 3411 Gateshead Manor Way.
The property has seen nearly $3 million in capital improvements during the past five years, including interior unit renovations as well as significant improvements to the common area amenities and building systems, HFF officials says. Aston Woods is 94% leased and includes one- and two-bedroom units that average 864 square feet each. Community amenities include a clubhouse, resort-style swimming pool with sundeck, indoor spa, a fitness center, play area, jogging trail and outdoor sport court.
The HFF team that represented Waterton Associates was led by Senior Managing Directors David Nachison and Alan Davis and Director Brenden Flood.
“Aston Woods' location in one of Montgomery County's closest submarkets to the job growth being felt around Fort Meade, has also expanded its draw from employment growth on the military base, and a growing contractor base focused on national security,” states Nachison.
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