Silver Spring Apartment Complex Sold for $20 Million

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

We are expanding our coverage, and we need your help. Click here for more information.

Read More:
Home Invasion Robbery Suspect Sought by Police

Sign up for our
Free Email Newsletters!

Stay connected to your community through our free email newsletters!
Emails are delivered daily to our 2,484 subscribers.

We don’t spam! Read our privacy policy for more info.