This is an 85 unit apartment community situate on 3.5 acres on Rt. 355 in the Old Towne section of Gaithersburg, Montgomery County, Maryland. Purchased in 1998 from the original developer the property exhibited significant deferred maintenance coupled with a lack of skilled and prudent management. We viewed value in the quality of the construction and its location along Rockville Pike. We implemented a capital program, which along with professional management maximized value of the asset in its current use. Zoning changes for properties along Rt. 355 resulted in increased development potential. This property was sold in 2006 to a subsidiary of a public REIT for redevelopment at over 3 times cost.
