We are excited to start a new relationship with Hampshire Properties, an experienced owner/operator in the multifamily space, and look forward to partnering with them on future opportunities,” said Zach West, an acquisitions professional at Torchlight. “The property is in an attractive market, has strong in-place, stable cash flow and is poised to benefit from the continuation of a successful renovation program. Additionally, the Loudon County Bus network, with a stop outside the Property’s main gate, provides connectivity to neighboring cities and the Shady-Grove Metro Station through the Red line which connects to Bethesda, Washington, DC, Silver Spring and Glenmont. The I-270 Corridor, dubbed “DNA Alley”, is the third largest biotechnology cluster in the country and the largest in the Mid-Atlantic region offering vast employment opportunities to the surrounding neighborhoods. The property is conveniently located along I-270, a six-lane expressway which links the Capital Beltway (I-495) to Frederick, MD. Torchlight and Hampshire’s plan for the complex includes a value-add strategy with contemporary upgrades to the units including stainless steel appliances, new flooring in kitchens and baths, granite countertops, new cabinetry and light fixtures. The apartments feature spacious kitchens with serving counters and islands, ample closet space, patio/balconies and full size washers and dryers. The property’s unit mix includes four different layouts ranging in size from 690 square feet to 1,180 square feet. The community offers multiple common area amenities including a saltwater swimming pool, clubhouse, 24-hour fitness center, tennis court, playground, pet spa, picnic area, community garden and garage parking. The 576-unit complex consists of 27, three-story residential buildings situated on 32 acres. Torchlight Investors today announced it has partnered with Hampshire Properties in the acquisition of a garden-style apartment property located in Germantown, Maryland, 25 miles north of downtown Washington, DC.
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