Source: Harbor Group International
GAITHERSBURG, MD - Affiliates of Harbor Group International, LLC (HGI), a privately owned international real estate investment and management firm, announced the sale of The Gateway, previously Jefferson at Orchard Pond, a 748-unit, garden-style apartment community in Gaithersburg, Md., a submarket of Washington, D.C.
HGI acquired the property in 2015 and instituted a capital improvement program to enhance the marketability of the asset. HGI initiated an HVAC conversion project to decrease net utility costs of the asset and implemented plans to address deferred maintenance, improve curb appeal and renovate the interiors of 200 units. HGI also repositioned the property's amenity set with the addition of outdoor kitchen stations and two dog parks and improvements to the property's clubhouse, tennis courts and other common spaces.
"The Gateway is a prime example of Harbor Group International's value-add strategy of positioning assets to better compete in their respective markets," said Richard Litton, President of HGI. "Located in a prominent submarket, The Gateway was quick to achieve its business plan and generated significant value for our investors."
Built in 1973 and 1975, The Gateway is located in the "DNA Alley" area of Montgomery County, known as a hub for large biotechnology firms centered on the National Institutes of Health. The property is well-located, within walking distance to the Metropolitan Grove MARC rail station and near the Shady Grove Metro Station, providing easy travel throughout the Washington, D.C. metro area. The property is also accessible to D.C. and Baltimore through Interstates 270 and 370.