WASHINGTON, D.C. – May 6, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of Hanover Shady Grove, a 366-unit, transit-oriented, mid-rise apartment community in Rockville, Maryland.

HFF marketed the property exclusively on behalf of the seller, Hanover Company and Berkshire Residential Investments, and procured the buyer, Equity Residential.

Hanover Shady Grove is located at 9305 Corporate Boulevard within the I-270 Bio Corridor, one of the country’s most prominent hubs for medical research, testing and development.  Adjacent to Interstate 270 and within a mile of Interstate 370/Maryland Route 200, the community provides connectivity to downtown Rockville, Bethesda and Washington, D.C. to the south and Gaithersburg and Germantown to the north.  Additionally, Hanover Shady Grove offers access to the Washington, D.C. Metro’s Red Line via the nearby Shady Grove Metro Station to the east and to commuter rail service via the nearby MARC Brunswick Line to the southeast.

Completed in 2016, the five-story property consists of a mix of studio through three-bedroom units averaging 970 square feet.  Units feature gourmet kitchens equipped with stainless steel appliances, granite countertops and stone backsplashes as well as wood flooring, spa-like baths, high ceilings and in-unit washers and dryers.  Community amenities include a resort-style pool, outdoor dining/grilling areas, 24-hour Technogym fitness club, private media room, executive conference and dining room, catering kitchen, on-property Civic Green Park, designated walking paths and a controlled-access parking garage.  The property was 95 percent occupied at closing.

The HFF investment advisory team was led by Walter Coker and Brian Crivella along with Stephen Conley, a licensed Maryland real estate broker.