TGM buys mixed-use DC development – Multifamily Property News

TGM Moorefield.  Image courtesy of TGM Associates
TGM Moorefield. Image courtesy of TGM Associates

TGM partner has completed the purchase of TGM Moorefield, an eight-building, 413-unit garden-style community at 22555 Leanne Terrace in Ashburn, Virginia. TGM acquired the property from its previous owner, which is listed by CommercialEdge as Pantzer Properties. A Berkadia real estate consultant Team marketed the property to TGM. The buyer assumes responsibility for property management for the asset through its management arm, TGM Communities.

TGM Moorefield was built in 2009 and covers 390,621 square feet on 11 acres, according to CommercialEdge data. The community was acquired by panthers in 2017 for $96 million, subject to a $75 million loan from Citibank, the same data shows. The community offers a mix of studio, one, two, and three bedroom rental arrangements with monthly rents ranging from $1,802 to $2,950. TGM is planning several upgrades and renovations to the homes’ interiors, including new cabinets, countertops, and bathroom finishes.

Residents have access to a swimming pool with a sundeck, outdoor lounges connected by landscaped courtyards, a fitness center, a yoga studio, a game room, and 30,000 square feet of retail space. Located in Ashburn’s Moorefield Station area, the project is within walking distance of numerous public parks and is bordered by several affluent suburbs. The community is one mile from the Ashburn Silver Line subway station, which provides quick access to Arlington and Washington DC, 25 miles away.

“DC is a great regional market with a diversified employment base underpinned by the enormous number of federal government employees. These attributes support a growing need for quality housing, and we believe TGM Moorefield is an excellent investment opportunity in the growing Virginia suburban market, said John Gochberg of TGM Multi-Housing News.

The Berkadia team was led by Senior Managing Directors Walker Coka and Brian Crivella.

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DC delivers

Despite a slowdown earlier in the year, the Washington, DC subway has maintained solid supply and demand, with the subway having one of the largest pipelines in the country at 37,345 units, according to data from a Yardi Matrix report dated July 2022. Through May, the city recorded $1.9 billion in transactions, with per-unit prices well above the national average in a five-year upswing of $289,546.

A recent headline in the area is Washington Property Co.’s opening of Solaire 8200 Dixon, a 27-story, 403-unit luxury development in Silver Spring.

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