U.S. real estate investment firms Elion Partners and Buchanan Partners have entered into a joint venture (JV) to buy a 164-unit multifamily asset and an adjacent 3.5-acre land parcel in Montgomery County Maryland.
The property and adjacent land parcel were bought for $34 million, with the total project approximated to cost more than $100 million.
Buchanan and Elion will execute a multi-phase strategy aimed at boosting residential quality through the upgrade of existing apartments while also working to develop the 3.5 acres adjacent to the property.
The new property will include 254-multifamily units, with the building expected to start in the first quarter of 2019.