oakwood gaithersburg

OAKWOOD
GAITHERSBURG
Investment Summary
TRANSWESTERN’S MID-ATLANTIC MULTIFAMILY GROUP, AS EXCLUSIVE AGENT, IS PLEASED TO PRESENT FOR SALE
OAKWOOD GAITHERSBURG, A 136-UNIT HIGH-RISE
APARTMENT COMMUNITY LOCATED ALONG THE
I-270 TECH CORRIDOR IN MONTGOMERY COUNTY, MD
OAKWOOD
GAITHERSBURG
PROPERTY OVERVIEW
Oakwood Gaithersburg, (the “Property”) is a 136-unit, 11-story
luxury high-rise apartment community located across the street
from Washingtonian Center in the heart of the I-270 Tech Corridor
Montgomery County, Maryland. The Property benefits from its superb
location and proximity to major roadway arteries as well as entertainment
and employment centers. The Property is currently master-leased by
Oakwood, an industry leader in corporate housing, from Archstone and
is operated as a hybrid furnished/unfurnished rental community with
termination of the current lease agreement 3-months after a sale with a
controlled turnback of units over a 12 (or up to 20) month period.
The Property represents an extremely rare opportunity
to acquire a core quality high-rise asset in an A+ location
offering superior value-add potential through moderate
interior unit improvements and utility pass through.
PRIME LOCATION
In addition to the strong sense of presence provided by the high-rise
construction and visibility from I-270, the Property offers a transitoriented and pedestrian friendly environment with a Walk Score of 72.
The highly visible location and ease of accessibility to I-270, I-370
and the recently completed Inter County Connector (ICC) makes the
property one of the most accessible locations in Montgomery County.
Shuttle bus service from the Property transports residents to the Shady
Grove Red Line METRO Station which connects to points throughout
the Washington region.
>Washingtonian Center, Waterfront and Rio Entertainment Center
combine to create 1.3 million square feet of main-street retail,
restaurant and entertainment including AMC/Loews RIO Cinemas,
Target, Kohl’s, Ann Taylor LOFT, Pier 1 Imports, Sport & Health Club,
Barnes & Noble, and Dick’s Sporting Goods.
>The I-270 Tech Corridor is the 4th largest biotech community in the
nation with more than 200 biotech companies. The corridor spans
from the National Institute of Standards and Technology (NIST) in
Gaithersburg to the National Institutes of Health (NIH) in Bethesda.
>Montgomery County has more than 370,000 workers employed by
high-tech businesses in industries such as biotechnology, information
technology, telecommunications, software development, and
aerospace engineering.
>Montgomery County ranked #10 on the list of wealthiest counties in
the Nation with a median household income of $92,909 supported
by a highly educated workforce that includes the nation’s highest
percentage (29.2%) of residents over 25 years of age who hold postgraduate degrees.
>Home to numerous Federal Agency Headquarters and dozens of
other federal laboratories which employ more than 49,000 people.
>Dynamic Employment base is home to a variety of industries and
global headquarters to more than 60 major companies such as
Marriott International, Lockheed Martin, GEICO, Kaiser Permanente,
Ritz-Carlton Hotel and Discovery Channel.
PROPERTY SUMMARY
Address:................................ 9890 Washingtonian Boulevard
Gaithersburg, MD 20878
# of Units: ............................................................................136
Net Rentable Area (SF): .......................................... 114,420 SF
Average Unit Size (SF): .................................................. 841 SF
Year Built: ..........................................................................1989
Average Actual Rent/Month: ....................................... $1,771
Average Actual Rent/SF: ................................................. $2.10
SUMMARY UNIT MIX
# of
Actual
%
SF
$/SF
Units
Rent*
1BR/1BA
18
13.2%
625
$1,594
$2.55
1BR/1BA
60
44.1%
796
$1,708
$2.15
1BR/1BA
16
11.8%
876
$1,664
$1.90
2BR/1BA
15
11.0%
920
$1,929
$2.10
2BR/2BA
27
19.9%
1,022
$2,003
$1.96
Total/Avg
136
100%
841
$1,771
$2.10
* Actual Rent is derived from the average rent currently being charged
for all unfurnished units which includes all utilities.
Unit Type
STRONG APARTMENT FUNDAMENTALS
According to Transwesterns’ research affiliate, Delta Associates, the
Washington metro area continues to be one of the best apartment
markets in the nation.
>Vacancy rates for all classes of apartments reported at 3.8% in the
3rd quarter, compared to the national rate of 4.8%.
Effective Rent for Class A High-Rise apartments in Montgomery
>
County increased 3.2% over the year to an average of $2,270 per
unit or $2.42 per square foot while effective rents region-wide for all
classes of apartments increased 2.7% over the same period.
OAKWOOD
GAITHERSBURG
COMMUNITY FEATURES
>Resort-Style Swimming Pool
>Fitness Center
>Tennis Court
>Shuttle Bus to METRO
>Covered/Reserved Parking
>Dual Lobby w/ Controlled Access
>Lakefront Walking/Jogging Trail
APARTMENT FEATURES
>Eighteen Different Floor Plans
>In-unit Washer & Dryer
>Fireplaces*
>Patio/Balcony
>Oversized Walk-In Closets
>Raised Panel White Kitchen Cabinets
>Open Kitchen Design w/ Breakfast Bar*
* in select units
OAKWOOD
GAITHERSBURG
MONTGOMERY
VILLAGE
270
LAKE FOREST MALL
355
KENTLANDS
117
124
200
270 CENTER
ICC
370
NATIONAL
INSTITUTES
OF SCIENCE
&TECHNOLOGY
270
KENTLANDS
370
355
WASHINGTONIAN CENTER
SHADYGROVE
L
E
119
50.
M
I
ROCKVILLE TOWN CENTER
County Executive Buildings
28
JOHN’S HOPKINS
UNIVERSITY - MONTGOMERY
COUNTY CAMPUS
1-
M
I
District Court of Maryland
LE
Town Square Shops &
Restaurants
H
SHADY GROVE
ADVENTIST
HOSPITAL
MONTGOMERY
COUNTY
COMMUNITY
COLLEGE
28
FALLSGROVE VILLAGE CENTER
2-
M
IL
E
ROCKVILLE
3-
POTOTMAC
M
IL
ROCKVILLE
E
355
270
OAKWOOD
GAITHERSBURG
OAKWOOD GAITHERSBURG
370
270
OAKWOOD
GAITHERSBURG
OLNEY
POINTS OF INTEREST
GA
G
AI
AITHERSBURG
A
97
370
5-M IL E
3- MIL E
0.5
28
ROCK
KVILLE
K
V
VI
ICC
28
Shady Grove METRO................ 2.1
650
29
NIH/Bethesda,
MD.................. 10.6
198
Silver Spring, MD.....................12.7
28
NW District Line...................... 12.4
ASPEN
HILL
28
MILES
NIST.......................................... 1.5
200
-MIL E
KENTLAND
K
DS
LOCATION
Downtown DC........................17.3
L
182
GLENMONT
MO
355
189
95
270
WHITE
F
FLINT
586
212
29
WHEATON
TO
O
Agricultural
Research Center
97
POT
PO
OTOM
OT
MAC
M
MA
495
190
SILVER
LV
LVE
VER
SPRING
P
PR
G
193
650
COLLEGE
EGE
PARK
K 1
BELTS
95
495
BET
ETH
THES
ES
SDA
S
MARYLAND
201
495
CHEVY
Y
CHASE
C
VIRGINIA
GWP
WASHINGTON,DC
INGTON,
TON,D
,
HYATTSVILE
YAT
E
410
for property inquiries contact
ROBIN WILLIAMS
Senior Vice President, Director
robin.williams@transwestern.net
C: 301.922.8731 • P: 301.896.9070
DEAN SIGMON
Senior Vice President, Director
dean.sigmon@transwestern.net
C: 703.851.0126 • P: 301.896.9089
JUSTIN SHAY
Senior Associate
justin.shay@transwestern.net
C: 410.977.6308 • P: 301.896.9082
For more information on Oakwood Gaithersburg please visit our website at
http://twMidAtlanticMultifamily.listinglab.com/OakwoodGaithersburg
MID-ATLANTIC HEADQUARTERS
6700 Rockledge Drive, Ste. 400-A
Bethesda, MD 20817
P: 301.896.9020 F: 301.571.3423
The information contained herein was obtained from sources deemed reliable and, while believed correct, is offered subject to errors, price changes and prior sale or withdrawal without notice