Berkadia Completes $64 Million Sale of Multifamily Property in Maryland
WASHINGTON D.C. – March 9, 2023 – Berkadia Institutional Solutions announced today the sale of Solaire Wheaton, a 232-unit multifamily property located in Silver Spring, Maryland. Senior Managing Directors Walter Coker and Brian Crivella and Director Bill Gribbin of Berkadia DC Metro completed the $64 million sale on behalf of the seller, Maryland-based Washington Property Company. The buyer was Illinois-based 29th Street Capital and the deal closed on February 28.
“The well-built property provides stable cash flow for the buyer with upside opportunities,” said Crivella. “There are numerous buyers looking for good assets and we’re grateful to both parties for their diligent work in closing this transaction. We appreciate everyone’s efforts.”
Located at 10914 Georgia Ave., Solaire Wheaton features studio, one- and two-bedroom floor plans with walk-in closets, dishwashers and in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, a clubhouse and a business lounge. The property affords residents convenient access to Westfield Wheaton Mall, Washington DC, the strong Biotech and Bioscience employment base in Montgomery County, nearby metro stations and the shops and restaurants near Georgia Avenue and Interstate 495.