WASHINGTON, DC – KLNB, the Mid-Atlantic region’s largest privately held CRE brokerage firm, is pleased to announce the successful completion of a multifamily purchase involving two apartment properties in Gaithersburg, Md: Towne Crest and Chelsea Park, which boast a combined total of 194 units. Three brokers from the KLNB Capital Markets team, Principal Rawles Wilcox, Senior Vice President Jared Emery, and Vice President Dutch Seitz, represented the buyer, Acento Real Estate Partners. The seller was unrepresented, and the purchase amount has not been disclosed.
Located at 17500 Towne Crest Dr. and 14 S Frederick Ave. in Gaithersburg, Towne Crest and Chelsea Park are strategically located in proximity to major employment and lifestyle destinations, including the NIST Campus, the Kentlands neighborhood, RIO Washingtonian Center, and the I-270 Biotech Corridor. This prime location offers residents not only the convenience of nearby amenities but also easy access to key transportation routes, enhancing the appeal of these properties.
The new owner has ambitious plans for the properties. With a focus on enhancing the living experience for residents, Acento will conduct extensive renovations and introduce new amenities to both Towne Crest and Chelsea Park.
Wilcox, Emery, and Seitz are all seasoned experts in the multifamily sector and have been involved in over $11 billion in multifamily transactions throughout the Mid-Atlantic region. The team played an instrumental role in overseeing the sale, and their strategic guidance and deep understanding of market dynamics contributed to the successful completion of this deal.
"This transaction showcases the strength of our team and our commitment to delivering outstanding results for our clients," said Wilcox. "The strategic location and the vision of the new owners bode well for the future of Towne Crest and Chelsea Park, and we look forward to seeing the transformation of these properties under Acento's ownership."
This is the second time KLNB’s Capital Markets team has represented Acento this year, the first being the sale of Governor Square Apartments, also in Gaithersburg. KLNB entered the multifamily sector in February 2023 following the acquisition of Edge Commercial Real Estate, a regional leader in multifamily real estate, and the Governor Square deal was KLNB’s first-ever multifamily transaction.
For press inquiries about this transaction or KLNB, please contact Roger Mecca, roger@vitaminisgood.com or 410.732.6542.
About KLNB: KLNB is a leading provider of commercial real estate services throughout the Mid-Atlantic region. An independently owned and operated commercial brokerage and real estate services firm, KLNB provides a variety of services including tenant and landlord representation, leasing, consulting, capital markets, property management, research, marketing, branding and financing services. More than 110 full-time brokerage professionals work across KLNB’s five offices strategically located throughout the Washington, D.C. / Baltimore region. http://klnb.com