Affiliates of Harbor Group International (HGI) have sold The Gateway, previously Jefferson at Orchard Pond, a 748-unit, garden-style apartment community in Gaithersburg, Md., a submarket of Washington, D.C. A sales price was not disclosed.
HGI acquired the property in 2015 and instituted a capital improvement program to enhance the marketability of the asset. HGI initiated an HVAC conversion project to decrease net utility costs of the asset and implemented plans to address deferred maintenance, improve curb appeal and renovate the interiors of 200 units. HGI also repositioned the property’s amenity set with the addition of outdoor kitchen stations and two dog parks and improvements to the property’s clubhouse, tennis courts and other common spaces.
“The Gateway is a prime example of Harbor Group International’s value-add strategy of positioning assets to better compete in their respective markets,” said Richard Litton, president of HGI. “Located in a promi
