(Read more on the multifamily market.)
GAITHERSBURG, MD-Artery Group, a developer and real estate firmin Bethesda, sold a 175-unit multifamily asset here to MontgomeryCounty for $20.7 million. The county acquired it by exercising itsfirst right of refusal, something it occasionally does when amultifamily trade might adversely affect residents among otherreasons.
In this case, according to JBM Realty Advisors senior directorRobin Williams, the apartment complex is a senior-oriented facilityand the county wanted it to remain in affordable for itsinhabitants. "So when the seller received a bid Montgomery Countystepped up to acquire the complex," he tells GlobeSt.com. Williamsrepresented Artery Group.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
