GAITHERSBURG, MD – Subsidiaries of Harbor Group International, LLC (HGI), a privately held international real estate investment and management firm, announced the sale of The Gateway, previously Jefferson on Orchard Pond, a 748-unit garden-style community in Gaithersburg, Md ., A submarket of Washington, DC
HGI acquired the property in 2015 and implemented a capital improvement program to improve the marketability of the asset. HGI initiated an HVAC remodel project to reduce the net cost of using the asset and implemented plans to address delayed maintenance, improve curb appeal, and renovate the interiors of 200 units. HGI also repositioned the property's amenities by adding outdoor kitchen stations and two dog parks, and upgrading the property's clubhouse, tennis courts, and other common areas.
"The Gateway is a great example of Harbor Group International's value strategy of positioning assets to better compete in their respective markets," said Richard Litton, President of HGI. "The Gateway is in a significant sub-market and has implemented its business plan quickly and generated significant added value for our investors."
Built in 1973 and 1975, the Gateway is located on Montgomery County's DNA Alley, known as the hub for major biotechnology companies focusing on the National Institutes of Health. The property is in a good location within walking distance of the Metropolitan Grove MARC train station and Shady Grove underground station. The property is also accessible from Interstates 270 and 370 for DC and Baltimore.
Source: Harbor Group International