RailField Partners announced the acquisition of Elme Watkins Mill, a 210-unit garden-style apartment community in Gaithersburg, Maryland.
The property has been renamed One80 Watkins Mill, and RailField plans to implement strategic property improvements. Located at 180 Watkins Station Circle, the property was built in 1975 and is situated on more than 11 acres. The community is currently nearly 100% occupied.
“One80 Watkins Mill represents exactly the type of community RailField seeks to acquire and preserve,” said Jon Siegel, Co-Founder and Chief Investment Officer at RailField. “This community provides an important workforce housing option for individuals and families who want access to excellent schools, employment opportunities, and transportation centers without sacrificing affordability while enjoying a high-quality living experience.”
The property is located approximately 15 miles from Washington, D.C., with convenient access to I-270 and major regional transportation routes. One80 Watkins Mill was purchased by RailField’s RG Value Add Fund, a programmatic joint venture with GCM Grosvenor.
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