In Montgomery County, Northmarq has secured $141.73 million in financing for a portfolio of 493 high-rise residential complexes spread across two assets. On behalf of Washington Property Company, Northmarq’s Debt + Equity team in Washington, D.C., under the direction of Jason Smith and Kenneth Gentzel, negotiated the acquisition.
There are two assets in the portfolio. The recently constructed 22-story Solaire 7607 Old Georgetown tower in Bethesda contains 198 apartments with one or two bedrooms, each measuring 884 square feet on average. The Bethesda Metro Station and Bethesda Row’s shopping, dining, and entertainment opportunities are all within walking distance of the Woodmont Triangle property. A fitness center, pet spa, concierge services, and terrace lounges on the rooftop and penthouse are among the amenities.
The 295 studio, one-, and two-bedroom apartments at Solaire 1150 Ripley, which is situated in Downtown Silver Spring, are on average 865 square feet in size. The neighborhood, which was completed in 2012 and is located close to Georgia Avenue and the Silver Spring Metro Station, features a 24-hour fitness facility, a resident theater, valet dry cleaning, a rooftop lounge, and secure underground parking.
According to Jason Smith, this deal shows how strongly institutional capital is interested in core multifamily products in high-barrier, Metro-served submarkets.
