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GAITHERSBURG, MD-In a transaction valued at approximately $17.3 million, two companies have joined forces to acquire West Deer Park Apartments, a 198-unit multifamily community. Philadelphia’s AMC Delancey Group and Bethesda, MD’s Ross Development & Investment came together in a strategic joint venture to take over ownership of the property from West Deer Park Associates, thereby allowing AMC Delancey to make its entrée into the Metropolitan Washington, DC market.

West Deer Park is a garden-style community that occupies a nine-acre parcel near the intersection of I-270 and I-370, and has a current assessed value of nearly $11.4 million. Ross has a history with the property–its affiliate, Realty Management Services Inc., has served as the manager of West Deer Park for more than 13 years. In an effort to compete with other multifamily properties in the area, AMC Delancey and Ross will spend more than $2.7 million to upgrade and reposition the 32-year-old apartment community.

This project will likely be the first of many for the new partnership. “Our strategy is to carefully align interests with terrific local operating partners and strategically co-invest with them on a long-term programmatic basis,” AMC Delancey president and CEO Kenneth P. Balin says.

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