Joint Venture Buys MD Luxury Apartment Building for $95M

29th Street Capital (29C) and Willton Investment Management have closed on the acquisition of Fenwick Apartments, a 311-unit multifamily community in downtown Silver Spring, Maryland.

Built in 2014 and currently 96.8% occupied, Fenwick represents a high-quality, institutionally owned asset in an affluent submarket in the Washington, D.C. metro area. Located just three blocks from the Silver Spring Transit Station, Fenwick currently provides convenient access to downtown Washington.

“This acquisition aligns with our strategy of buying high-quality, well-located assets,” said Henry Moore, Vice President of Acquisitions at 29th Street. “Located in a pocket with very little in anticipated near-term supply, Fenwick offers our investors a compelling investment opportunity with long-term upside.”

The property is LEED Gold certified and offers amenities including a pool, a fitness center, a rooftop lounge with a living green wall, and a business center. Fenwick Apartments will be professionally managed by 29th Street Living, the in-house property management arm of 29SC.

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