GAITHERSBURG, MD. — RailField Partners has acquired Elme Watkins Mill, a 210-unit garden-style community in the Washington, D.C., suburb of Gaithersburg, from Elme Communities (NYSE: ELME). The property was purchased by RailField’s RG Value Add Fund, a joint venture with GCM Grosvenor (Nasdaq: GCMG), whose real estate business encompasses about $7 billion across 2,200 properties.
The transaction comes as Elme Communities continues to wind down its portfolio under a shareholder-approved plan of sale and liquidation. Elme Watkins Mill was among the remaining assets. The REIT has announced it will sell all assets and anticipates being delisted from the New York Stock Exchange by the third quarter of this year. Last summer, Elme Communities, previously known as WashREIT, sold 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. Following the sale to RailField, Elme Communities owns four remaining properties in the Washington, D.C., metro area.
RailField has rebranded the property as One80 Watkins Mill and is planning capital improvements. The community was developed in 1975 and sits on 11 acres. Amenities include a pool, fitness center, tennis court, playground and package lockers. One80 Watkins Mill is currently 100 percent occupied.