A 648-unit Gaithersburg apartment complex sandwiched between the Washingtonian Center and Downtown Crown has a new owner with renovation plans.
Grosvenor Americas announced Thursday it bought The Crossings for $146 million.
Thrive Communities Inc., which manages Grosvenor apartment properties in Washington state and Virginia, will carry out interior renovations and landscaping improvements to the property, which consists of 16 four-story buildings on 23 acres.
It’s located just west of the retail and commercial portion of the Washingtonian Center and just east of Downtown Crown, the mixed-use retail and residential neighborhood within the 182-acre Crown project that’s still under development.
“The demand for high-quality, well-located apartments such as The Crossings is fueled by the unparalleled amenity growth surrounding the property, including a superb school system that appeals to families and nearby employment opportunities,” said Scott Brody, senior vice president of investment for Grosvenor Americas, in a press release announcing the purchase.
The renovations, which will include updating the property’s clubhouse and fitness center, will happen over the next 18 to 24 months.
The company is increasing its investment in the Washington, D.C., region.
In September, Grosvenor Americas broke ground on a 234-unit mixed-use apartment project in downtown Silver Spring on the former site of the First Baptist Church at the corner of Wayne Avenue and Fenton Street. The church will be rebuilt next to the apartment building as part of the project.
It’s also developing a mixed-use project near Nationals Park and in 2014 bought a 491-unit apartment community in Fairfax.
