WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of Hanover Shady Grove, a 366-unit, transit-oriented, mid-rise apartment community in Rockville, Maryland.
HFF marketed the property exclusively on behalf of the seller, Hanover Company and Berkshire Residential Investments, and procured the buyer, Equity Residential.
Hanover Shady Grove is located at 9305 Corporate Boulevard within the I-270 Bio Corridor, one of the country’s most prominent hubs for medical research, testing and development. Adjacent to Interstate 270 and within a mile of Interstate 370/Maryland Route 200, the community provides connectivity to downtown Rockville, Bethesda and Washington, D.C. to the south and Gaithersburg and Germantown to the north. Additionally, Hanover Shady Grove offers access to the Washington, D.C. Metro’s Red Line via the nearby Shady Grove Metro Station to the east and to commuter rail service via the nearby MARC Brunswick Line to the southeast.
Completed in 2016, the five-story property consists of a mix of studio through three-bedroom units averaging 970 square feet. Units feature gourmet kitchens equipped with stainless steel appliances, granite countertops and stone backsplashes as well as wood flooring, spa-like baths, high ceilings and in-unit washers and dryers. Community amenities include a resort-style pool, outdoor dining/grilling areas, 24-hour Technogym fitness club, private media room, executive conference and dining room, catering kitchen, on-property Civic Green Park, designated walking paths and a controlled-access parking garage. The property was 95 percent occupied at closing.
The HFF investment advisory team was led by Walter Coker and Brian Crivella along with Stephen Conley, a licensed Maryland real estate broker.
About Hanover Company: Hanover Company, located in Houston, Texas, stands among the most active private real estate companies in the United States, specializing in the acquisition, development and management of high-quality multifamily residential properties nationwide. With over three decades of experience, Hanover is a vertically integrated company with acquisitions, development, construction, property management and asset management departments strategically focused on garden-style, mixed-use, high-density wood frame and high-rise projects. To date, Hanover's award-winning project mix totals nearly 54,000 units across the country and more than $11.18 billion in project costs. U.S. markets include Atlanta, Austin, Baltimore, Boston, Charlotte, Dallas, Denver, Houston, Los Angeles, Philadelphia, Phoenix, San Diego, San Francisco and Washington, D.C.
About Berkshire Residential Investments: Berkshire Residential Investments is a vertically integrated residential real estate investment and property management company with over 50 years of experience. Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record based on thoughtful, leading edge investment strategies, and hands-on development and operational experience. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas and San Francisco. As of September 30, 2018, Berkshire Group had approximately $7.5 billion in real estate assets under management. For more information on Berkshire, please visit berkshireresi.com
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.