A joint venture of 29th Street Capital and Willton Investment Management LLC has purchased the Fenwick Apartments building in downtown Silver Spring.
Fenwick is a six-story multifamily building occupying approximately 291,000 square feet and a below-grade parking garage. Completed in 2014, it occupies the site of a former post office and sits just three blocks from the Metro and the upcoming Maryland Purple Line, which is slated to open in winter 2027.
The building is 96.8 percent occupied, LEED Gold certified, and boasts premium amenities such as a resort-style pool, a state-of-the-art fitness center, a rooftop lounge with a living green wall, and a business center.
The acquisition of the 311-unit complex at 8616 2nd Ave. was finalized on April 24.
“This acquisition aligns with our strategy of buying high quality, well located, assets,” said Henry Moore, Vice President of Acquisitions at 29th Street. “Fenwick pairs institutional quality construction with exceptional access to major employment centers in the MSA, to be further enhanced with the delivery of the new Purple Line in 2027. Located in a pocket with very little in anticipated near-term supply, Fenwick offers our investors a compelling investment opportunity with long-term upside.”
29th Street Capital’s in-house property management arm, 29th Street Living, will manage the property, “ensuring a high-quality resident experience and seamless integration with the firm’s existing operations in the region,” according to a press release.
“We are very excited to begin this new partnership with 29th Street Capital and grow our investment footprint in [the] Washington, D.C. metro area,” said Willton Investment Management CEO Chris Luo. “Fenwick will benefit from best-in-class sponsorship, market-leading operations, and convenient access to employment and amenities in Downtown Silver Spring. We are grateful to the entire 29SC team for their diligence, professionalism, and commitment to excellence throughout the acquisition process.”
Fenwick Apartments is the second recent apartment building purchase in downtown Silver Spring, following the $71.35 million acquisition of Central in late March by Gallium Capital, a Miami-based private equity firm.
Photo Courtesy of 29th Street Capital