Downtown Silver Spring Sees 95M Bet on Fenwick Apartments and Transit Growth

29th Street Capital and Willton Investment Management LLC finalized a $95 million acquisition of the Fenwick Apartments in downtown Silver Spring on April 24. The six-story building, completed in 2014, encompasses approximately 291,000 square feet and includes a below-grade parking garage. Currently, Fenwick is 96. 8 percent occupied and features premium amenities, including a resort-style pool and a rooftop lounge. The acquisition aligns with the firms' strategy of targeting high-quality assets in prime locations, especially with the Maryland Purple Line set to improve transit access by winter 2027.

Henry Moore, Vice President of Acquisitions at 29th Street, highlighted the building's institutional quality and exceptional access to major employment centers in the area. Chris Luo, CEO of Willton Investment Management, expressed enthusiasm for the partnership and the potential for best-in-class operations in the region. This purchase follows Gallium Capital's acquisition of the Central building in Silver Spring for $71. 35 million, indicating a growing interest in the local multifamily market. Overall, the Fenwick Apartments represent a compelling investment opportunity with long-term upside.