Jefferson at Orchard Pond is strategically positioned in Gaithersburg within Montgomery County, one of the most highly sought-after addresses on the East Coast and the 12th wealthiest county in the nation (according to Forbes) with ample major employers in proximity. Situated along the I-270 Corridor in the heart of “DNA Alley,” it is within walking distance to the Metropolitan Grove MARC Station and only six miles from the Shady Grove Metro Station (Red Line), providing seamless access to public transit throughout the D.C. metro area.
“Within a one-mile radius of Jefferson at Orchard Pond, the 2015 estimated average annual household income is an impressive $124,200, 67% higher than the national average,” said Mr. Roohan, Vice Chairman, CBRE Capital Markets, Multifamily. “The growth in affluent renter households throughout the region continues to favor investors who take advantage of quality multifamily opportunities like Jefferson at Orchard Pond.”
While the property has been institutionally maintained, apartments will benefit from planned upgrades including new finishes and appliances. Due to the large size of the property and the upside potential, Jefferson at Orchard Pond presents an excellent value-add opportunity to new ownership, who plan to complete a significant $10 million renovation program.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.