Vanguard Realty Group

1390 Piccard Drive
Suite 120
Rockville, MD 20850
Tel: 301.795.1400
Fax: 301.795.1401

Rick Struse and Cullen O’Grady of Vanguard Realty Group’s Investment Sales division have completed the sale of Chesterbrook Apartments, an 84-unit garden style apartment property located in Middletown, Frederick County, MD. Aware that the owners of Chesterbrook Apartments were quietly marketing the property, Rick and Cullen were able to secure a buyer; a private investment group based in Rockville, MD, that was completing its 1031 exchange from an apartment property Rick and Cullen sold for them earlier this year. The property has been very well maintained over the years and has enjoyed a historically low vacancy rate. The purchase price was $5,244,000 ($62,429 per unit) at an approximate Cap Rate of 8.75%. New financing was provided by Fannie Mae. Although several apartment properties have been marketed in Frederick County over the past year, this is the first property to close in our present economy, in which sales have been weak.

Contact: Cullen O’Grady (301-795-1456) or Rick Struse (410-507-2883)