TGM Associates has completed its purchase of TGM Moorefield, an eight-building, 413-unit garden-style apartment community located at 22555 Leanne Terrace in Ashburn, Va. TGM acquired the property from its previous owner, listed by CommercialEdge as Pantzer Properties. A Berkadia Real Estate Advisors team marketed the property to TGM. The buyer will assume property management responsibilities for the asset through its management arm, TGM Communities.
TGM Moorefield was built in 2009 and spans 390,621 square feet over 11 acres, according to CommercialEdge data. The community was acquired by Pantzer 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 living arrangements, with monthly rents ranging between $1,802 and $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 through 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 neighborhood, the development is within walking distance of numerous public parks and is bordered by several affluent suburbs. The community lies within 1 mile of the Ashburn Silver Line Metro Station, which offers quick access to Arlington and Washington, D.C., 25 miles away.
“D.C. is a great regional market boasting a diversified employment base, underpinned by the massive number of federal government employees. These attributes support a growing need for quality housing options, and we feel TGM Moorefield is a superb investment opportunity in the growing suburban Virginia market, TGM’s John Gochberg told Multi-Housing News.
The Berkadia team was led by Senior Managing Directors Walker Coka and Brian Crivella.
DC delivers
Despite a slowdown earlier in the year, the Washington, D.C., metro has retained solid supply and demand, with the metro having one of the largest pipelines in the nation, at 37,345 units, according to data from a July 2022 Yardi Matrix report. As of May, the city has seen $1.9 billion in transactions, with per-unit prices on a five-year upswing of $289,546, significantly above the national average.
One recent headline in the area is Washington Property Co.’s opening of Solaire 8200 Dixon, a 27-story, 403-unit luxury community in Silver Spring.
