NEW YORK, Feb. 23, 2011 /PRNewswire/ -- AREA Property Partners announced the acquisition of Fairland Gardens, a 400-unit apartment community in Silver Spring, Maryland. The seller and the value of the transaction were not disclosed. AREA has selected Bethesda-based Realty Management Services (RMS), an affiliate of ROSS Companies, to manage the property.
"The acquisition presents an attractive opportunity for AREA to establish a presence in the Washington D.C. metro area, one of the nation's most robust multifamily markets," said James Simmons, AREA partner. "This location is increasingly becoming one of the most desirable Washington D.C. submarkets, given its convenient access to major transportation routes, multiple employment centers and shopping."
Fairland Gardens has a Housing Assistance Payments (HAP) contract on 25% of the units. AREA plans to renew the HAP contract on an annual basis and to complete a variety of improvements at the property, including apartment upgrades and the addition of new amenities, Simmons said. "We are dedicated to enhancing the living experience at Fairland Gardens and to providing an attractive affordable work force housing alternative for local families," he said.
The property, which is currently 96% occupied, offers spacious one and two bedroom units. Amenities include a clubhouse, swimming pool, basketball court, and grilling and picnic areas. Located on US Route 29 (Columbia Pike), the property offers convenient access to the Washington D.C. area via the Capital Beltway, I-95 and soon-to-be-completed Intercounty Connector.
AREA and ROSS Development and Investment, an affiliate of RMS, successfully completed the recapitalization of another Beltway property, the Seven Springs Village Apartments in College Park, Maryland. "The Realty Management Services team is excited to collaborate with AREA Property Partners on Fairland Gardens," said Scott Ross of RDI. "Together with AREA, we look forward to a continued thriving partnership."
About AREA Property Partners
AREA Property Partners, formerly known as Apollo Real Estate Advisors, is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high net worth individuals. Since the firm's founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $13 billion in equity commitments for investments in the United States and globally. Its funds have collectively invested in over 500 transactions with an aggregated value in excess of $60 billion. The firm has offices in New York, Atlanta, Los Angeles, San Francisco, London, Paris, Luxembourg and Mumbai. The firm's Web site is www.areapropertypartners.com.
About Realty Management Services
Realty Management Services, an affiliate of ROSS Companies, manages 34 apartment communities in and around the Washington, DC metro area. ROSS Companies, founded in 1983 in Bethesda, MD is a recognized leader in apartment acquisitions and investment, development, property management and renovation. With more than 11,000 apartment homes in its portfolio, the company is one of the most active multifamily real estate firms in the Mid-Atlantic region. ROSS Companies is comprised of three affiliates – ROSS Development & Investment, Realty Management Services, Inc. and RR Renovation & Construction, LLC. For more information about the ROSS Companies and Realty Management Services, visit www.TheRossCompanies.com.
SOURCE AREA Property Partners