Quest Holdings, LLC Acquires Montgomery County Property for $86.5M
SILVER SPRING, Md. (PRWEB) May 30, 2018 -- Quest Holdings, LLC, a leader in the mid-Atlantic family market, has acquired Arcadian Apartments, a 432 unit garden apartment community in the Baltimore-Washington Corridor.
The property, at 13615 Colgate Way, Silver Spring, MD 20904, is adjacent to Interstate 95, the Inter-County Connector Route 200 and Columbia Parkway 29. The region’s top employers: University of Maryland, College Park, JHU Applied Physics Lab, Fort Meade/NSA/Cyber Command, Towne Center at Laurel, Verizon HQ, White Oak Federal Research Campus, the Mall in Columbia and Westfield Wheaton Mall are all within 13 miles of the property.
Quest plans to execute a value-add investment strategy focusing on exterior cosmetic improvements and interior unit upgrades including installation of decorative mantles, additional lighting, granite and tile backsplashes in the kitchens and bathrooms.
“We are excited to enter the Montgomery County market and bring Arcadian Apartments into our investment portfolio. With the proximity to the Marc train and accessibility to major highways, the Baltimore Washington corridor is one of Maryland’s most desirable residential locations. We intend to capitalize on the planned improvements which will enhance the property and add value for our investors.” said Jason Reitberger, Principal of Quest Holdings, LLC and CEO of Quest Management Group, LLC.
This marks the first transaction for Quest in 2018 and the latest since their $328M 2016 acquisition in Prince George’s County of 2,490 units, a JV to purchase the largest portfolio of apartments in MD sold that year.
For more information on Quest Holdings, LLC, please visit http://www.liveqmg.com
About Quest Holdings, LLC:
Founded in 1999 as a family operated real estate management firm, Quest has evolved into a fully integrated, multifaceted organization with a portfolio valued over $700M. With steady, strategic growth of its portfolio and management infrastructure, Quest currently owns and manages over 6,000 units and is recognized as a leader in the Mid-Atlantic multi-family market.
Quest’s relationship with its investment partners is based on a shared desire to achieve long-term, stable cash flow and a strong alignment of interests. With intimate knowledge of the mid Atlantic market and a lean, flexible investment team, Quest has executed transactions in excess of $300M.
Our management company, Quest Management Group, LLC, is recognized as a leader by employing industry best practices to attract and retain high-quality, talented employees. Quest currently employs over 120 people including onsite personnel, regional managers, asset managers and a full back office accounting team.
Alexandra Ahlfield, Quest Holdings, LLC, http://www.liveqmg.com, +1 410.705.5501, [email protected]
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