Source: Quest Holdings / #Apartments #Multifamily
SILVER SPRING, MD - Quest Holdings, a leader in the mid-Atlantic family market, has acquired Arcadian Apartments, a 432-unit garden apartment community in the Baltimore-Washington Corridor.
The property, at 13615 Colgate Way, Silver Spring, MD 20904, is adjacent to Interstate 95, the Inter-County Connector Route 200 and Columbia Parkway 29. The region’s top employers: University of Maryland, College Park, JHU Applied Physics Lab, Fort Meade/NSA/Cyber Command, Towne Center at Laurel, Verizon HQ, White Oak Federal Research Campus, the Mall in Columbia and Westfield Wheaton Mall are all within 13 miles of the property.
Quest plans to execute a value-add investment strategy focusing on exterior cosmetic improvements and interior unit upgrades including installation of decorative mantles, additional lighting, granite and tile backsplashes in the kitchens and bathrooms.
“We are excited to enter the Montgomery County market and bring Arcadian Apartments into our investment portfolio. With the proximity to the Marc train and accessibility to major highways, the Baltimore Washington corridor is one of Maryland’s most desirable residential locations. We intend to capitalize on the planned improvements which will enhance the property and add value for our investors.” said Jason Reitberger, Principal of Quest Holdings and CEO of Quest Management Group.
This marks the first transaction for Quest in 2018 and the latest since their $328M 2016 acquisition in Prince George’s County of 2,490 units, a JV to purchase the largest portfolio of apartments in MD sold that year.